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BUYER: RaceTrac Petroleum Inc. (principals: Max Lenker, Susan Bolch, Robert Dumbacher, Bill Milam, Carl Bolch Jr., Allison Moran, Joseph Akers and Robert Posener), Atlanta
SELLER: Edith Butler
PROPERTY: 8100 E. State Road 64, Bradenton
PRICE: $1.5 million
PLANS, DESCRIPTION: Gas station chain RaceTrac Petroleum Inc. purchased 2.76 acres of vacant land on State Road 64 for $1.5 million.
The price equated to $543,478 per acre. That figure is less than the two-year average price per acre for retail land ($893,571) in the Tampa Bay area, according to the CoStar Group.
John Wentz of KW Commercial / Keller Williams Realty of Manatee handled the transaction.
“It was zoned agricultural,” says Wentz. “It took about three years to get it rezoned [for commercial use]. Once we had that it was under contract within three months.”
Wentz says RaceTrac has made acquiring prominent locations along Interstate 75 a priority.
Construction is scheduled to start on the new gas station in the second quarter for a completion before the end of the year.
The Atlanta-based convenience-store chain manages the operations of more than 600 convenience store locations in 12 southeastern states.
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