Chase to build bank at Beachway Plaza
BRADENTON -- Chase Bank is building a new branch in northwest Bradenton.
According to city permitting information, the bank will build a new branch office on .73 acres at 7206 Manatee Ave. W.
The land is presently a parking lot for the Publix-anchored Beachway Plaza.
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The 120,000-square-foot mall and surrounding 12 acres were sold to a new owner in May. Atlanta-based Branch Properties bought Beachway Plaza on May 16 for $15.05 million from Retail Properties of America Inc.
City permitting documents set the construction value of the bank building at $1.2 million.
Pasha buys into more distribution
PORT MANATEE -- The Pasha Group, a California-based logistics company considering opening an automobile processing hub at Port Manatee, has purchased Horizon Lines, a Hawaii-based trade line-lane business.
Pasha paid $141.5 million for several subsidiaries of the container shipping and logistics company.
Pasha and Port Manatee have predicted an auto processing operation could come to the port by early 2015. Bringing the associated shipping and work to the port is dependent upon Pasha striking deals with car companies to import and export vehicles from the port on their way to dealerships. Port and Pasha officials have stated that negotiations for that work is ongoing.
Country Club East developer buys apartments
WEST BRADENTON -- A 30-year-old apartment complex has been sold to a company best known as a co-investor in the most luxurious neighborhood in Lakewood Ranch.
Starwood Capital Group, a global real estate investor with corporate offices in New York and London, purchased the 152-unit Preserve at Manatee Bay apartments at 5933 28th Ave. W. on Oct. 30 for $13.6 million. The seller, Berkshire Group of Boston, had owned the complex since 1985, when it purchased it from Westco Builders for $957,000, according to Manatee County property records.
The property features 19 residential buildings, a community clubhouse and swimming pool on 12.6 acres a few blocks south of Blake Medical Center. It was last updated in 2008, when Berkshire installed new roofing and replaced siding on all the buildings.
The apartment units at the Preserve at Manatee Bay are arranged in two-story eight-plexes.
The one- and two-bedroom units range in size from 840 square feet to 1,040 square feet, according to the complex's website. Monthly rent for the units range from $758 to $1,039.
The multimillion-dollar sale is one of several in the multifamily market in Manatee County this year. The largest so far occurred in July, when TGM Associates of New York bought the former Turnbury Park at Palm Aire apartments $45.15 million.
-- Herald staff reports