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BUYER: Feld Entertainment Inc. (principals: Kenneth Feld, Keith Senglaub, Jerome Sowalsky, William Levan, Michael Shannon and Nicole Strauss), Vienna, Va.
SELLER: Harrod Investments LLC
PROPERTY: 2001 N. U.S. 301, Ellenton
PRICE: $8.35 million
LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando
PLANS, DESCRIPTION: Vienna, Va.-based Feld Entertainment Inc. purchased two commercial buildings for $8.35 million.
The price equated to $15 per square foot for the existing building space, or $177,660 per acre.
The 47-acre site features 100,000 square feet of office space and another 450,000 square feet of manufacturing space. Originally developed by The Siemens Corp., the facility was most recently occupied by General Electric.
Feld Entertainment plans to consolidate a number of operations on the property including its design, production and support services.
The company says its current location in Palmetto would not allow for the growth it requires. It plans to transition corporate operations to the new facility over the next five years.
Feld Entertainment qualified for $1.17 million in incentives from the state's Qualified Targeted Industry fund, $650,000 from the Quick Action Closing Fund and $1.5 million from the Manatee County Government.
“This new facility will enable us to consolidate many of our operations in Ellenton so that we can continue to create the high quality live family entertainment spectaculars that our customers around the world expect,” Feld Entertainment Chairman and CEO Kenneth Feld says in a press release.
Feld Entertainment produces many of the most well-known brands in live family entertainment, including Ringling Bros. and Barnum & Bailey, Disney On Ice, Disney Live!, Monster Jam and other Feld Motor Sports productions.
The move will reportedly preserve 148 local jobs and is projected to create 235 new high-skill, high-wage jobs in Manatee County over the next five years.
Studley Inc. served as Feld Entertainment's real estate adviser for the new facility.
Feld Entertainment mortgaged the property to Bank of America for $8.35 million.
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