A Taco Bell restaurant on Manatee Avenue West has sold at a markup for an Ann Arbor development company.
Central Property Development sold the 5-year-old restaurant at 5410 Manatee Ave. W. for $2.34 million on May 10 to a Janesville, Wis. company. Operating on a half-acre property in the midst of an active fast food and restaurant district, the 2,142-square-foot chain eatery represents a rare sale in a growing sector of the Manatee County commercial real estate market.
Central Property Development purchased the property in 2006 for $1.77 million. The existing Taco Bell restaurant received a corporate-mandated makeover in 2011.
Terri Drenth, vice president of Central Property Development, said her company chose to sell the restaurant to capture the gain in value the property had seen. The restaurant was one of her company’s top performing assets. Drenth said she expects the new owner will experience similar success.
Central Property Development owns restaurants and retail, warehouse and office properties in nine states.
Fast food is a growing market sector in Manatee County. Several new fast-food restaurants are expected to open along the Manatee Avenue and State Road 64 corridor in the near future. Planned for the East Manatee portion of the road are a Dairy Queen Grill and Chill and a Taco Bell near Heritage Harbour. Closer to downtown Bradenton, a Culver’s restaurant is planned for 4714 State Road 64.