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Bradenton investors buy S.R. 64's Sun Bay Plaza

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  • | 10:17 a.m. February 14, 2014
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  • Manatee-Sarasota
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BUYER: Balsam Fir LLC (Rodger Dowdell III and Kerri Dowdell), Bradenton
SELLER: Taipan Raintree LLC
PROPERTY: 2402, 2406, 2414, 2436, 2442, 2438, 2432, 2420, 2418, 2416, 2412, 2410, 2442, and 2446 E. Manatee Ave, Bradenton
PRICE: $2.05 million
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: Rodger Dowdell III and Kerri Dowdell of Bradenton purchased the 37,000-square-foot Sun Bay Plaza for $2.05 million.

The price equated to $55 per square foot. That figure is lower than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Built in 1998,the 20-unit retail strip center on State Road 64 was fully occupied at the time of the sale. The 8.8-acre property also included a 5.4-acre parcel for future development.

The purchase price equated to a payoff ratio based on income (capitalization rate) of 13.7%.


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