Steve Herrig, CEO of Sunz Insurance, has purchased 2 acres of land in downtown Bradenton for $2.35 million. The purchase is an assemblage comprised of three smaller parcels, located at 1301 8th Avenue West, 817 Tamami Trail, and 826 13th Street West. The assemblage sits just south of the Sunz Insurance office building at 1301 6th Ave. West, a 59,000-square-foot building which Herrig also owns.
Jag Grewal, CCIM, SIOR, of Ian Black Real Estate represented the buyer, Connect 5, LLC. Angela Varga of SVN Commercial Advisory Group, represented the seller, Garfair, Inc.
â€œDowntown Bradenton is seeing incredible growth, and this land provides a strong investment opportunity for the buyer,â€ said Grewal, partner at Ian Black Real Estate. â€œGiven that he also owns the adjacent block, it seemed like a natural extension of his existing commercial real estate portfolio.â€
In 2020, Herrig 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 in 2020 for $750,000. He completed minor improvements to the office building before signing Connect Bradenton, a co-working space, as a tenant.
Currently, there are no plans for the land south of the Sunz Insurance building. Zoning could allow for mixed-use, office, retail or multifamily housing.
Downtown Bradenton has seen a surge of multifamily housing projects in the last six months. Earlier this year, officials approved plans for a 12-story apartment building in downtown Bradenton. A $31 million workforce housing project is also underway and will add 199 units to the market.
â€œThereâ€™s a lot of capital being invested in downtown Bradenton right now,â€ said Grewal. â€œSteveâ€™s continued interest in acquiring land in the area is just a further indication of the growth the city is experiencing and the opportunity for new projects to come to market.â€
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 Insuranceâ€™s current office building downtown and the two properties purchased in 2020.
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.
SIOR is the leading global professional office and industrial real estate organization that certifies commercial real estate service providers with the exclusive SIOR designation, based on achievement, knowledge, accountability and ethical standards. Only the industryâ€™s top professionals qualify for SIOR. Today, there are more than 3,200 members in 685 cities and 36 countries. For more information, visit www.sior.com