Benderson Development plans Lockwood Ridge project

BUYER: Lockwood 70 I LLC (51.3341% interest), Lockwood 70 II LLC (42.5607%), Lockwood III LLC (6.1052%) (principal: David Baldauf), University Park

SELLER: Rickie Paley, individually and as trustee of the Rickie Paley Revocable Trust

PROPERTY: 5470 E. 45th St. and a portion of East 39th Street and 53rd Avenue East, Bradenton

PRICE: $3.25 million

LAW FIRM ON DEED: Fox Rothschild LLP, Philadelphia

PLANS, DESCRIPTION: University Park-based Benderson Development Co. Inc. purchased 25 acres for $3.25 million.

The price equated to $130,000 per acre.

Benderson officials couldn't be reached for comment.

However, the company filed a general development plan for a 23.4-acre portion of the property, at the southwest corner of State Road 70 and Lockwood Ridge Road. The filing calls the site Paley Place and calls for developing a retail center on 9.7-acres surrounded by six outparcels.

The plan states a maximum of 180,000 square feet of building area could be constructed on the property. The plan, filed in January, also suggests construction could start in August for phased completion by the end of 2013.

The site is between a CVS drugstore and a Bank of America branch.