Advisors from SVN Commercial Advisory Group have closed a $1.35 million deal for a parcel of undeveloped land at 5615 Manor Hill Lane in Bradenton. The buyer, Horne Partners, LLC, will construct a self-storage facility on the 2.51-acre site. Horne Partners is based in Austin, Tex.
Representing the buyer were advisors Mike Migone, CCIM, and Lance Cobb of the Sarasota-based firm. The property seller was 5615 Manor Hill.
The resulting self-storage facility will be part of a Florida market that has been strong in recent years.
“Self storage is hot if the price is right and it’s a good location,” said Migone, Senior Investment Advisor. “And this is a great location: There are a lot of rooftops around. Demographics are important in self storage – the more residents, the better.”
The property is accessible via State Road 70 E, near the I-75 exit and is about four miles from the rapidly growing Lakewood Ranch, a planned community.
The Manor Hill Lane property was the last undeveloped parcel left in the subdivision.
The transaction was three years in the making, as the advisors had to work with neighboring business owners to remove easements and resolve utilities issues.
“It was such a challenging deal,” Migone said. “There were many, many extensions, but we got it done.”