MGA Insurance Group buys Taylor Woodrow building

BUYER: 8430 Enterprise Circle LLC (principals: Louis and Ann Marie Marinaccio, Lakewood Ranch

SELLER: PBE Cos. LLC

PROPERTY: 8430 Enterprise Circle, Bradenton

PRICE: $2.86 million

PREVIOUS PRICE: $6.45 million, March 2004

LAW FIRM ON DEED: Akerman Senterfitt, Miami

PLANS, DESCRIPTION: MGA Insurance Group purchased the 32,622-square-foot former Taylor Woodrow office building for $2.86 million.

The price equated to $88 per square foot.

Constructed in 2001, the two-story building was originally known as the Towne Hembree Building.

The insurance brokerage plans to use the building to consolidate its business from three smaller buildings.

“Having all our operations in one building with one street presence should help us to maximize our resources,” says Lou Marinaccio, president and CEO of MGA Insurance Group. “It's a great location on University Parkway. This should give us everything we need to grow.”

Marinaccio says the firm plans to spend more than $1 million to improve the building's technology and to set up. He plans to create a conference room that the company will make available to charities and other groups.

He expects MGA Insurance Group will grow from 41 employees to around 50 in the new building because of the additional space and the company's expansion.

“Currently, we provide services in Florida and the general vicinity,” he says. “A lot of homeowners that are moving into Florida are leaving homes where they are from. We plan to offer those customers a complete insurance concierge service wherever their homes or businesses are.”

MGA Insurance Group is scheduled to occupy the building by July 4. The company plans to lease out its three existing buildings.

Steve Ross of Hembree & Associates Inc. and Susan Tjarksen of Star LLC handled the transaction.

The purchase entity 8430 Enterprise Circle LLC mortgaged the property to Wells Fargo Bank NA for $2.29 million.