BUYER: Riverside Investment Property LLC (principals: Mark and Cindy Pentecost), Bradenton
SELLER: US Funding Group LLC
PROPERTY: 908 Riverside Drive, Palmetto
PRICE: $3.13 million
PREVIOUS PRICE: $1 million, February 2006
LAW FIRM ON DEED: David W. Wilcox Esq., Bradenton
PLANS, DESCRIPTION: Mark and Cindy Pentecost, owners of Bradenton-based direct sales firm It Works! Global, purchased the 36,000-square-foot Riverside Plaza in Palmetto for $3.13 million.
The price equated to $87 per square foot.
The building, which previously held Electra Health Club and Spa, Steven R Cooley Inc. and the Smokin' Martini, was vacant at the time of the sale. Overlooking the Regatta Point Marina, it features 25,532 square feet of outdoor deck areas and an under-building parking area with another 21,945 square feet of space.
The new owners will be converting the retail center to serve as the expanded corporate headquarters of It Works! Global. The firm currently occupies a 16,000-square-foot building at 5325 State Road 64 E., Bradenton.
“The new building gives us the space we need for our growing team and the ability to renovate and become an innovative office that embraces our youthful and energetic corporate culture,” says Mark Pentecost, CEO of It Works! Global. “The location is the perfect place to entertain thousands of our independent distributors, in conjunction with Stoneybrook Golf Course in Bradenton.”
Jeff Button of Richardson Kleiber Walter Kleiber Button Inc. represented the seller.