JBCC Development has purchased a 13,730-square-foot retail property on 2.1 acres in Bradenton for $1,075,000. The property is located at 4311 Manatee Ave. W, at the corner of 43rd St. W. Bank of America currently occupies 7,446 square feet of the building.
JBCC Development partners plan to redevelop the site.
“There’s more than one way to own and manage this property,” said Clint Conway, co-founder of JBCC Development. “If Bank of America decides to stay, we could redevelop to meet the bank’s new branch prototype, including a smaller footprint; if the bank vacates, we could redevelop in a totally different direction. We’re very flexible.”
Jag Grewal, CCIM, of Ian Black Real Estate represented both the buyer and the seller, JDL Development, LLC, in the transaction. Grewal has a long-standing relationship with the seller, which recently sold 5901 Honore Ave. in Sarasota for $10.5 million and purchased 6771 Professional Parkway in Sarasota for $3.4 million.
“This property on Manatee Ave. W sits at a high-traffic intersection and offers tremendous value add,” Grewal said. “This is a strategic purchase for the buyer, who will reap the benefit once the property is redeveloped.”
Approximately 46,000 cars pass by the property each day. Forty-eight percent of the building is currently vacant.
“We’re also in talks with a health organization that’s interested in taking the vacant space in the existing building, in which case we would make improvements to the space,” Conway said. “In this ever-changing world, we’re probably a tenant’s most flexible developer.”
JBCC Development is a boutique firm specializing in the development, acquisition and management of retail properties throughout the west coast of Florida. Since the formation of the company in 2012, it has successfully developed nearly 30 projects for national retailers such as Wawa, Starbucks, Circle K, Walmart, Family Dollar, Autozone, O’Reilly Auto Parts, and Advance Auto Parts. JBCC Development has experience with all types of commercial development, from ground leases to build-to-suits to fee developments.
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.