BRADENTON -- The former Albertsons grocery store and shopping center on Manatee Avenue is being sold at half the price it cost when it changed hands less than a year ago.
Investment company Och-Ziff Capital Management Group out of New York created a subsidiary called BRNK Bradenton LLC, according to the Florida Division of Corporations, and purchased the plaza, 7415 Manatee Ave. W., for $3.5 million, according to court records. A $4.1 million mortgage was used for the deal through Wells Fargo Bank, according to court records.
The mortgage is assigned to a Los Angeles address that shows as Balboa Retail Partners, which redevelops shopping centers in California, Balboa's shopping centers include Trader Joe's, Kohls, Best Buy, Whole Foods Markets, among others. Balboa's properties are worth a combined $116 million, according to the mortgage. Och-Ziff is a hedgefund management company founded by David Och with backing of the Ziff family, who runs the Ziff Davis Media company, the publisher of PC Magazine.
The sale comes less than 12 months after LNR Properties bought the shopping center in October 2012 from ABNK Properties LLC for $6.612 million, according to the Manatee Clerk of the Circuit Court.
The 31-year-old plaza was anchored by an Albertsons until the grocer closed in June 2012 along with a dozen other Florida locations. The 5.5-acre plaza includes 66,982 square feet of commercial space, according to land records.
ABNK bought the shopping center in July 2006 for $4.92 million, according to court records.
A representative for Och-Ziff and Balboa did not return a message seeking comment for the sale.
Charles Schelle, business reporter, can be reached at 941-745-7095. Follow him on Twitter@ImYourChuck.