ICORR Properties buys Gateway to the Ranch

BUYER: 8515 SR70 LLC (principal: Ron Wolf), Sarasota

SELLER: Redus Florida Commercial LLC

PROPERTY: 8507, 8511, 8515, 8519, 8523, 8527, 8709, 8713, 8717, 8721, 8725, 8729 and 8733 State Road 70 E., Bradenton

PRICE: $1.88 million

PREVIOUS PRICE: $1.03 million and $1.13 million, November 2006

LAW FIRM ON DEED: Rogers Towers PA, Jacksonville

PLANS, DESCRIPTION: The owners of London, Ontario, Canada-based ICORR Properties International LLLP purchased the 25,723-square-foot Gateway to the Ranch retail strip for $1.88 million.

The price equated to $73 per square foot.

Located across from Rosedale Golf & Country Club, the property includes both a 16,000-square-foot vacant building and an adjacent 9,600-square-foot building. Maxillofacial Surgery Associates, Great Florida Insurance and We Fix Computers lease all of the smaller building.

The new owner has taken over leasing and management of the property and has paid off impact fees left by the former developer that had reportedly stalled lease activity on the property. The vacant space is being marketed for $18 a square foot with a $5.50 common area maintenance fee, according to Susanne Stovall, ICORR's leasing manager.

“We feel that being this close to Lakewood Ranch, on one of the busiest East County thoroughfares and just across the street from the new Walmart Supercenter, make this plaza a great location for destination retailers and medical and professional office users,” Stovall says in a press release. “The new owner is financially stable and willing and able to do deals.”

ICORR Properties International owns and/or manages several million square feet of office and retail commercial space.