Gettel Automotive buys Jenkins Hyundai property

BUYER: Gettel Bradenton Inc. (principal: James Gettel and Robert Bisplinghoff), Bradenton

SELLER: 12-2000 LC

PROPERTY: 2503 E. First St., 2601 E. First St. and 152 East Ave., Bradenton

PRICE: $4.13 million

PREVIOUS PRICE: $2.15 million, March 2001

LAW FIRM ON DEED: Killgore Pearlman Stamp Ornstein & Squires PA, Orlando

PLANS, DESCRIPTION: The Gettel Automotive Family of Dealerships purchased the real estate of Jenkins Hyundai of Bradenton for $4.13 million. The 4.7-acre property on U.S. 41 includes the main dealership building and the pre-owned superstore.

The price equated to $878,723 per acre.

The real estate was acquired as part of Gettel Automotive's acquisition of the dealership business.

“We wanted the Hyundai dealership in Bradenton because it will allow us to expand our Hyundai presence into Manatee County,” says Bob Bisplinghoff, Gettel Automotive chief operating officer. “It's a big win for our group. It gives us access to more inventory, which has been a struggle as Hyundai continues to be as successful as it has been.”

Gettel Automotive has changed the leadership of the Bradenton dealership, but plans to keep most of the other existing employees and sales team.

Once Gettel opens the Toyota of Lakewood dealership on State Road 64 later this year, the dealership group will own and operate a total of 14 dealerships.

The purchase entity Gettel Bradenton Inc. mortgaged the property to Wells Fargo Bank for $3.3 million.