RaceTrac Petroleum buys land for S.R. 64 store

BUYER: RaceTrac Petroleum Inc. (principals: Max Lenker, Susan Bolch, Robert Dumbacher, Bill Milam, Carl Bolch Jr., Allison Moran, Joseph Akers and Robert Posener), Atlanta
SELLER: Edith Butler
PROPERTY: 8100 E. State Road 64, Bradenton
PRICE: $1.5 million

PLANS, DESCRIPTION: Gas station chain RaceTrac Petroleum Inc. purchased 2.76 acres of vacant land on State Road 64 for $1.5 million.

The price equated to $543,478 per acre. That figure is less than the two-year average price per acre for retail land ($893,571) in the Tampa Bay area, according to the CoStar Group.

John Wentz of KW Commercial / Keller Williams Realty of Manatee handled the transaction.

“It was zoned agricultural,” says Wentz. “It took about three years to get it rezoned [for commercial use]. Once we had that it was under contract within three months.”

Wentz says RaceTrac has made acquiring prominent locations along Interstate 75 a priority.

Construction is scheduled to start on the new gas station in the second quarter for a completion before the end of the year.

The Atlanta-based convenience-store chain manages the operations of more than 600 convenience store locations in 12 southeastern states.