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Jupiter's Redina Cos. buys former Bradenton Herald building

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  • | 10:00 a.m. May 9, 2014
  • Manatee-Sarasota
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BUYER: Bradenton Landco LLC (principal: David Lebenson), Jupiter
SELLER: 102 Bradenton MRP LLC
PROPERTY: 102 W. Manatee Ave., Bradenton
PRICE: $3.36 million
PREVIOUS PRICE: $4.77 million, January 2011
LAW FIRM ON DEED: Greenspoon Marder PA, Fort Lauderdale

Jupiter-based Redina Cos. purchased the 88,398-square-foot former Bradenton Herald building for $3.36 million.

The price equated to $370,020 per acre or $38 per square foot. That price per square foot figure is less than the two-year average price per square foot for office space ($118) in the Tampa Bay area, according to the CoStar Group.

The Bradenton Herald has been in the building from 1984 to September, when the newspaper moved to 1111 Third Ave. W., Bradenton.

In early 2011, the Sacramento, Calif.-based newspaper company The McClatchy Co. sold the property and two-story building to the company's pension plan for $4.77 million or $54 per square foot. At the time, McClatchy proposed the sale as a way for the pension fund to benefit from the rental income and appreciation. WhiteStar Advisors LLC, a real estate advisory firm, managed the property for the fund.

Redina Cos. is a health care real estate development company. It has filed an early site plan to create a 55,000-square-foot medical office building associated with Coastal Orthopedics on the 9.09-acre site.

No one from Redina had responded to a request for comment prior to deadline.

The purchase entity, Bradenton Landco LLC, mortgaged the property to MCR Lender LLC for $500,000.


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