Manatee County investors buy 19.5-acre S.R. 64 commercial land

BUYER: 64 Properties LLC (principal: John Falkner), Myakka City
SELLER: Second Step Asset Management Co.
PROPERTY: 5704 State Road 64 E., Bradenton
PRICE: $2.38 million
LAW FIRM ON DEED: Balch & Bingham LLP, Jacksonville

PLANS, DESCRIPTION: Myakka City farmer John Falkner and Tom Brown Sr., a developer and real estate broker with Wagner Realty, purchased 19.58 acres of vacant commercial land kitty-corner from Scion of Lakewood for $2.38 million.

The price equated to $121,297 per acre. That figure is lower than the two-year average price per acre for retail land ($893,571) in the Tampa Bay area, according to the CoStar Group.

According to Brown, the partners purchased the property, which borders State Road 64 and 57th Street East, as an investment and have no immediate plans.

“I kind of think it would be an ideal location of an auto dealership,” he says. “We have other folks that are looking at it for an [assisted-living facility]. We don't have any finalized plans, but it was in an area where we've been developing, State Road 64 east of the Publix.”

The site could be developed with a maximum of 426,496 square feet of building space.

Chris Bowers of Eshenbaugh Land Co. represented the seller.