Two deals close in Palmetto, 248 residences planned


The property at 9025 U.S. 41 is set to become 180 apartments.
The property at 9025 U.S. 41 is set to become 180 apartments.
Image courtesy of SVN Commercial Advisory Group
  • Manatee-Sarasota
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Two property deals in Palmetto closed recently that will bring 248 new residential units to the area, according to commercial real estate firm SVN Commercial Advisory Group, which brokered the transactions. Together, the sites, totaling more than 22 acres, sold for nearly $3.9 million. The properties will become apartments and townhouses, respectively.

A 9.16-acre mixed-use development site at 9025 U.S. 41 sold for $2.6 million, according to SVN. Property records show the buyer is Matcre LLC of Fort Lauderdale, while the seller is OHM Teerth Investment and Consulting LLC.

The buyer plans to develop 180 apartments on the property, according to SVN.

SVN advisors Tony Veldkamp and Matt Fenske facilitated the sale by representing both the buyer and seller.

A little more than a mile away, another Palmetto property also changed hands, with Veldkamp and Fenske representing the buyer and seller as well.

A 13-acre residential development site at 3105 Moccasin Wallow Road sold for $1.28 million, according to a statement from SVN. Corner Properties of St. Pete was the seller, while SVI Ventures LLC of Gibsonton was the buyer in the deal, property records show.

The Moccasin Wallow Road property is set to become 68 townhouses, according to SVN. 

The property at 3105 Moccasin Wallow Rd. will become 68 townhouses.
Image courtesy of SVN Commercial Advisory Group

“Both transactions reflect the strong demand for residential developments in Palmetto,” Veldkamp says in a statement.

In fact, the North River market is projected to grow by more than 50,000 residential units by 2050, according to SVN, which cites the Sarasota-Manatee Metropolitan Planning Organization’s data.

“These transactions highlight the growing interest in Palmetto as a prime location for residential developments based on its proximity to Sarasota, St. Petersburg and Tampa, as well as being just a short drive to Bradenton,” Fenske says in the statement. “We’re honored to have facilitated these deals, which will bring much-needed housing options and contribute to the area’s economic growth.”

 

author

Elizabeth King

Elizabeth is a business news reporter with the Business Observer, covering primarily Sarasota-Bradenton, in addition to other parts of the region. A graduate of Johns Hopkins University, she previously covered hyperlocal news in Maryland for Patch for 12 years. Now she lives in Sarasota County.

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