University Groves property changes hands with $10.7 million price tag

UNIVERSITY PARK -- Development in the University Groves neighborhood just off University Parkway will continue even though the property has changed hands.

University Parkway Properties, LLC sold the yet-developed land in the University Groves neighborhood to University Groves, LLC on Aug. 26 for $10.7 million according to Manatee County records.

University Groves mortgaged the properties with Wauchula Bank for $8.5 million on Aug. 28.

The sale was for several parcels of land in the Manatee neighborhood north of University Parkway between Tuttle Avenue and U.S. 301.

University Groves will continue to develop in a similar fashion that University Parkway Properties did, said Howard Camp, agent for University Groves.

Both Sarasota-based companies filed with Florida's Division of Corporations in 2002.

Camp declined to discuss the matter further, but said the owners wanted to transfer the property and "all of the same people are involved."

Janelle O'Dea, Herald business reporter, can be reached at 941-745-7095. Follow her on Twitter@jayohday.

This story was originally published September 11, 2015 at 12:00 AM with the headline "University Groves property changes hands with $10.7 million price tag ."