Culver's franchisee S&L Cos. buys portion of medical center parking lot

BUYER: S&L Properties Bradenton LLC (managers: Chad Stevenson and Jeffrey Liegel), Portage, Wis.
SELLER: Bay Area Medical Plaza LLC
PROPERTY: a portion of (main: 3501 W. Cortez Road) 3501, 3515, 3505, 3509, 3513, 3517, 3521, 3601, 3603, 3605, 3609, 3613, 3617 and 3625 W. Cortez Road, Bradenton
PRICE: $937,500
PREVIOUS PRICE: $7.6 million, September 2012 (full Bay Area Medical Plaza)
LAW FIRM ON DEED: Buchanan Ingersoll & Rooney PC, Tampa

PLANS, DESCRIPTION:
S&L Cos. of Portage, Wis. purchased an acre portion of the Bay Area Medical Plaza parking lot for $937,500.

Brothers Chad Stevenson and Jeffrey Liegel, owners of the Culver's franchisee, plan to develop the parcel into a new 4,500-square-foot Culver's restaurant.

“It's at a busy intersection on a very busy road,” Liegel says. “It felts like a nice fit. We plan to be under construction in the first part of the year.”

He hopes to have the restaurant open by spring. It will employ 75 people.

There are a total of 527 Culver's restaurants, including seven in Florida. S&L Cos. owns 14 restaurants.

The purchase entity, S&L Properties Bradenton LLC, mortgaged the property to Bank of Wisconsin Dells for two loans totaling $26.4 million.

Chicago real estate investment firm Stage Equity Partners LLC purchased the 59,398-square-foot Bay Area Medical Plaza two years ago for $7.6 million.