Medallion Home-led investment group buys three buildings pads near Ranch

BUYER: I-75 Office Park LLC (principal: Thomas Pattermann), Bradenton
SELLER: Redus Florida Commercial LLC
PROPERTY: 8915 E. 77th Terrace, Bradenton
PRICE: $825,000
LAW FIRM ON DEED: Sun Coast Title Co., Sarasota

PLANS, DESCRIPTION: An investment company led by Carlos Beruff's Medallion Home purchased three building pads on 2.27 acres in the Professional Center at Lakewood Ranch for $825,000.

The price equated to $363,436 per acre. That figure is less than the two-year average price per acre for office space ($1.18 million) in the Tampa Bay area, according to the CoStar Group.

Fronting Interstate 75 north of University Parkway, the lots sit next to four completed single-story office condominium buildings. The three parcels have entitlements for roughly 33,000 square feet of office space each.

“We love the location,” Beruff says. “It's a short walk to the new mall so we thought for the long-term it should be a good play. We have no plans for it right now.”

Stan Rutstein of Re/Max Alliance Group represented the seller, an affiliate of Wells Fargo Bank. Wachovia Bank foreclosed on the property in mid-2010 but gave title to its parent, Wells Fargo Bank.

“It was a good value for the moment with the whole motivation being the performance of Lakewood Ranch and its visibility on I-75,” Rutstein says. “It's going to be developed, built-to-suit or sold off.”

Purchase entity I-75 Office Park LLC mortgaged the property to Alejandro Vilarello as trustee of the Marco M. Beruff Irrevocable Trust Agreement for $200,000.