Investor group buys dealership land to develop self storage on U.S. 41

BUYER: Midway Holdings Inc. (officers: Eric and Cheryl Howell), Sarasota
SELLER: Joe Collins
PROPERTY: 1550 S. Tamiami Trail, Venice
PRICE: $2.2 million
PREVIOUS PRICE: $2 million, November 2010
LAW FIRM ON DEED: Greene Hamrick Quinlan & Schermer PA, Bradenton

PLANS, DESCRIPTION:
An investment group led by Eric Howell, president of Bradenton-based Lancaster Realty Inc., purchased the 4.7-acre former Venice Chrysler dealership property for $2.2 million.

The price equated to $468,085 per acre.

The site features a collection of buildings, with a total of 37,135 square feet of commercial space. The buildings include a showroom with office space, body shop with 16 service bays and detail area.

Investor Joe Collins of Casey Key was the seller.

Howell bought the property to create a self-storage facility.

“We plans to utilize the existing buildings for RV parking and boat storage utilizing the roll up doors,” he says. “We are in the process right now of working with the county to get approvals for the rest of the development.”

Nick Herron with the Herron Group of Re/Max Alliance Group represented the seller.

Howell's investment group has purchased a number of retail and commercial properties in the Sarasota and Manatee counties area, including the 37,880-square-foot Centre Shops of Longboat Key it acquired late last year for $3.7 million.