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BUYER: Mountain Manor Inc. (principal: John Rust), Luray, Va.
SELLER: 2723 17th LLC, Aircom LLC, 6108 33rd LLC, 2310 Whitfield Industrial LLC, HVDN LLC, 1115 Commerce LLC, 1619 12th LLC, Pines Two Investments LLC and 33rd Investments LLC
PROPERTY: 1360 12th St. E., 5002, 5004, 5006, 5008, 5010, 5012 U.S. 41 N. and 2723 and 2725 17th St. E., Palmetto; 2310, 2314 and 2322 Whitfield Industrial Way and 1113, 1115, 1125, 1135, 1130, 1145, 1155, 1165, 1175, 1185 and 1156 Commerce Blvd. N., Sarasota; and 6108 E. 33rd St., 3320 59th Drive E., various units and 2076 and 2082 58th Ave. Circle E., Bradenton
PRICE: $10 million
PREVIOUS PRICE: $2.72 million, April 2007; $2.3 million, March 2005; $1.68 million, March 2004; $1.2 million, April 2006; $1.17 million, November 2007; $767,100, December 2007 and $645,000, June 2004
LAW FIRM ON DEED: Michael J. Belle PA, Sarasota
PLANS, DESCRIPTION: The Rust family, originally from Luray, Va., purchased 16 industrial buildings from Bradenton's VanDerNoord family for $10 million.
The price equated to $41 per square foot. That figure is close to the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.
The Manatee County industrial portfolio was 80% occupied at the time of the sale and features a total of 245,000 square feet. Its most prominent tenants include Sun Hydraulics, Hoveround and Windward Design Group.
John Rust, a part-time Naples resident, hired Gail Bowden of Sperry Van Ness Commercial Advisory last year to find a 1031 tax-deferred exchange investment for the proceeds of Rust's sale of the Luray, Va., RV campground Yogi Bear's Jellystone Park.
Bowden approached the VanDerNoord family about selling the majority of its current industrial properties. The time proved fortuitous, for the family had been reducing its holdings following the death of Harry VanDerNoord in February 2013.
“My dad was my partner,” says Peter VanDerNoord. “At one point in time [our company] Interstate Industrial owned almost 400,000 square feet. But after my dad died we decided to be focused on fewer things.”
Even with a willing seller, they needed approvals to meet the rules of a 1031 exchange and to close the sale took more than half a year.
Bowden, who handled the sale, and Bruce Dilges of Sperry Van Ness Commercial Advisory Group will lease the portfolio for the new owner.
The purchase entity, Mountain Manor Inc., mortgaged the 16 buildings to Wells Fargo Bank NA for $5.1 million.
Going forward, the VanDerNoord family plans to focus on managing its 350-wet slip Regatta Pointe Marina in Palmetto and is considering reinvesting in other proprieties in Sarasota and Manatee counties. Although any future acquisition is still far off, Peter VanDerNoord says the family may look to invest in multifamily properties, such as apartments or mobile-home parks.
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