Canadian developers Praetorian Capital buy, renovating former Wellcraft plant

BUYER: Praetorian Capital LLC (Longview Real Estate Inc.), Scottsdale, Ariz.
SELLER: Sarasota Real Property LLC
PROPERTY: 7150 E. 15th St., Sarasota
PRICE: $1.26 million
PREVIOUS PRICE: $6.5 million, January 2010 (includes additional properties)
LAW FIRM ON DEED: Mechanik Nuccio Hearne & Wester PA, Tampa

PLANS, DESCRIPTION: Praetorian Capital, Canadian developers using the Miami investment brokerage Habitribe, purchased the former Wellcraft Marine plant south of Whitfield Avenue for $1.26 million.

The price equated to $6 per square foot. That figure is less than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.

The property consists of three buildings with around 210,000 square feet of manufacturing space. It has been vacant for roughly five years.

The new owners plan to clean up and completely renovate the existing light-industrial property and then put it back up for sale or lease, according to Rob Wilhoit of Sara Bay Real Estate Inc., who represented the seller.

Wilhoit, who will also market the property for new owners, has his own connection to the property.

“I used to run the factory back in the day for Wellcraft before I decided to open my shop to build boats,” he says. “So it's pretty unique that here I am selling the property, but I think it works because I was so intimately familiar with the property that I was able to make the buyers feel comfortable with it.”

The southwest corner of the property also features additional land that could eventually be used to build another 10,000 to 20,000 square feet of industrial space.

Solomon Construction will be doing the renovations.

Wilhoit says he and the new owners have been in contact with Bradenton Area Economic Development and Manatee County and that any eventual user would likely qualify for economic incentives.