Longboat Key residential, Bradenton commercial transactions crack $5 million each

mjohnson@bradenton.comJanuary 30, 2014 

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The development company that purchased the former Winn Dixie property at the corner of State Route 70 and Lockwood Ridge Road has turned the property over to the mortgage holder in a $5.11 million deal that allows it to skip a foreclosure. MATT M. JOHNSON/Bradenton Herald

MJOHNSON@BRADENTON.COM Buy Photo

MANATEE -- Two very different properties -- one on Longboat Key and one in Bradenton's State Road 70 commercial district -- cracked the $5 million sales mark in very different ways.

On Longboat Key, Bonaire LBK LLC purchased 3.4 acres on the Gulf of Mexico for $6.4 million on Jan. 21. The seller, according to county records, was the Cary Jay Morrison Trust.

The property, at 5005 Gulf of Mexico Drive, is a piece of undeveloped land on the key. It is surrounded by residential development, and county records show the land to be vacant.

Shawn Kaleta, owner of Bonaire and Anna Maria-based Beach-to-Bay Homes, said the property will be the site of a nine-home gated development named Bonaire. The homes are expected to be 2,800 to 5,000 square feet. Three of them will be located on the Gulf of Mexico, while the other six will have access to the beach.

The homes will sell for between $3 million and $7 million. The prices reflect the rarity of the property, Kaleta said.

"I think it's the last piece of undeveloped Gulf-front property of that size in Manatee County," he said.

Homes in the development will look a little different than the standard Caribbean beach theme.

"It will have a West Indies look," Kaleta said.

It's possible that none of the lots or homes in the development will ever be marketed by a real estate agent. Kaleta said he has sold four of the lots and has one under contract.

Kaleta said he has developed about 200 housing units in Manatee County, 100 of them on Longboat Key.

Gabe Buky, a real estate agent with Coldwell Banker's Longboat Key office, was the buyer's agent for the deal.

Back on the mainland, a $5.11 million deal allowed a Miami development company to escape a property where its plans for a shopping center never matured.

On Dec. 31, Adler Land Partners LLC of Miami turned its West Lake Plaza property at the intersection of State Route 70 and Lock

wood Ridge Road back to the bank, according to Manatee County records. On a $5.11 million deed in lieu of foreclosure, Space Coast Credit Union of Melbourne became the owner of the 26.5-acre property and the former Winn Dixie supermarket building on it.

The deed in lieu of foreclosure turns all interest in the property over to the credit union, which held the mortgage on the property. In doing so, Adler avoids a foreclosure. The company took out a $4.75 million loan in 2006 to purchase the property. It purchased it for $9 million.

According to leasing information on Adler's website, the former Winn-Dixie on the property measures approximately 62,000 square feet.

When contacted about the property foreclosure, an Adler representative said the company would make no comment.

A sign at the Lockwood Ridge Road entrance to the defunct store's parking lot advertises it as an Adler development that was planned to be home to the West Lakes Plaza Community Shopping Center.

The company also states on its website that the property has potential for 100,000 square feet of retail space.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter @MattAtBradenton.

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