IMG Academies buys 110 acres from Manatee Fruit Co.

BUYER: IMG Academies LLP (IMG World Inc.), Bradenton

SELLER: Manatee Fruit Co.

PROPERTY: property south of 53rd Avenue West, Bradenton

PRICE: $7.46 million

LAW FIRM ON DEED: Grimes Goebel Grimes Hawkins Gladfelter & Galvano PL, Bradenton

PLANS, DESCRIPTION: IMG Academies purchased 110 acres of agricultural land in an area designated as the Crossroads for $7.46 million.

The price equated to $67,841 per acre.

The prominent sports training facility purchased the square of property for its future growth.

Large agricultural landholder Manatee Fruit Co. was the seller. Its Crossroads land covers 1,422 acres near the intersections of 75th street West with Cortez Road and 53rd Avenue West. The entire development site's zoning allows for a total of 902 units.

The sale required the Manatee Country Commission to OK a land development agreement that reportedly also settles a transportation concurrency legal issue brought by the Manatee Fruit Co.

IMG Academies already owns about 325 acres at its existing facility west of 34th Street West in Bradenton.

Calls to IMG Academies and Manatee Fruit Co. were not returned prior to publication.

IMG Academies mortgaged the property to Palmetto Cos. Inc. for $4.96 million.