Keller Williams owners buy former Neal ranch building

BUYER: Red Vette Ventures LLC (principals: Paul Cornuke and Steve Dutoit), Bradenton
SELLER: Bradenton Wildewood LLC
PROPERTY: 8210 Lakewood Ranch Blvd., Bradenton
PRICE: $1.34 million
PREVIOUS PRICE: $636,000, November 2002
LAW FIRM ON DEED: Vogler Ashton PLLC, Bradenton

PLANS, DESCRIPTION: Two of the owners of Keller Williams Realty, Paul Cornuke and Steve Dutoit, purchased the 9,083-square-foot former Neal Communities' building for $1.34 million.

The price equated to $147 per square foot. That figure is higher than the two-year average price per square foot for office space ($115) in the Tampa Bay area, according to the CoStar Group.

Constructed in 2003, the building features 36 individual offices.

The owners plan to install new carpeting and interior lighting, upgrade the landscaping and paint the building to serve as the new home office of the Keller Williams franchise. Keller Williams Realty will be relocating from a leased space at 6710 Professional Parkway W., Sarasota.

“The space is about the same size,” Dutoit says. “The biggest advantage is it's an independent freestanding building with great signage. We're the No. 1 company in Lakewood Ranch in terms of sales, so having a building in the heart of Lakewood Ranch is a great plus for us. We expect it to be very helpful in recruiting new agents as well.”

The franchise currently has 120 agents.

Dutoit hopes to have the firm up and operating from the new location by July 1.

The purchase entity Red Vette Ventures LLC mortgaged the property to SunTrust Bank for $956,250.