Sunz Insurance, headquartered in Bradenton and serving professional employer organizations (PEOs), staffing agencies and large companies nationwide, is preparing for its continued rapid growth with two recently closed commercial real estate transactions.
Sunz Property II LLC has purchased a 43,863-square-foot office building at 1201 6th Ave. West for $3.75 million and a 1-acre lot at 816 12th St. West for $750,000. Both are in downtown Bradenton, adjacent to the existing Sunz Insurance office building at 1301 6th Ave. West, a 59,000-square-foot building Sunz moved into in 2015.
Jag Grewal of Ian Black Real Estate represented Sunz Property II LLC in the transactions. The seller for both properties was Harry Bakker, who was represented by Ben Bakker of Michael Saunders & Company in the transactions.
“This was another opportunity to invest in downtown Bradenton as it’s going through a revitalization phase,” said Steve Herrig, CEO and Chairman of Sunz Insurance. “We wanted to stay ahead of the curve in the community and be part of the wonderful activities taking place in downtown Bradenton. We envision ourselves growing out of our existing building in the not-too-distant future. This will give us another space to grow into, and the lot can serve as parking for employees.”
Tenants currently in the office building at 1201 6th Ave. West include Bank of America, law firms, financial services companies and co-working company Connect Bradenton. The building was 93% occupied at the time of the sale.
“This is a good, strategic purchase for Sunz, with the properties being right next door to its existing office,” said Grewal. “Sunz brought nearly 200 high-paying jobs to downtown Bradenton when they moved here in 2015, and these acquisitions will further enhance the area because of the employees and businesses that will continue coming in.”
Herrig says he expects Sunz to continue experiencing a 25% to 30% growth rate year-over-year. Plans for the new building will eventually include upgrades to modernize the space, such as exterior painting and artwork, an outdoor picnic area for tenants and their guests, parking lot cleanup and additional parking. Herrig also plans to continue the expansion of Connect Bradenton with additional co-working options and updated audio and visual equipment.
“Downtown Bradenton is really starting to take shape, and we’re looking forward to being a big part of that,” said Herrig.
Grewal has worked with Herrig and Sunz Insurance for over 13 years, having assisted with approximately a dozen commercial real estate transactions, including the 2015 purchase of Sunz Insurance’s current office building downtown and now these two properties next door.
“I have really enjoyed the long-standing relationship we’ve had with Steve and Sunz over the years,” Grewal said. “It’s been fascinating to see how quickly Steve has grown his company and wonderful to watch the trajectory Sunz Insurance has been on.”
About Ian Black Real Estate
Ian Black Real Estate (IBRE) is a boutique commercial real estate brokerage firm located in Sarasota, Fla. The firm is one of the largest commercial brokerage firms in Southwest Florida and boasts a deep knowledge of the commercial real estate market in Sarasota and Manatee counties and the surrounding area. For more information, visit ian-black.com.
About Sunz Insurance
SUNZ Insurance (www.sunzinsurance.com) is a national provider of large deductible workers’ compensation insurance and insurance services to professional employer organizations, staffing companies and large employers. SUNZ designs and administers custom workers’ compensation and insurance programs, and provides loss control, claims administration, cost containment and subrogation services – all designed to minimize claim costs paid by large deductible clients.