Paradise Ventures Inc./Paradise Development Group has sold a 9,276-square-foot retail property in Bradenton, Fla., for $3 million to a foreign investor. The sale closed at a cap rate of 7.25 percent, while the new owner took out a $2 million, 10-year loan from Interaudi Bank to finance the purchase, per public records. The asset previously traded in 2014 for $1.8 million.
Senior Director Joshua Pardue, Director James Ullrich, Associate Michael Macchia and Analyst Greg Macchia from Stan Johnson Co. worked on behalf of the seller in the transaction, while Marcus & Millichap Senior Associate Aaron O’Connor represented the buyer.
Located at 6921 14th St. W., the single-tenant building is leased to Tracker Boating Center. Completed in 1995 on a 3.2-acre site, the asset is close to both residential and retail properties and less than 3 miles of the Sarasota-Bradenton International Airport.
Recently, another Stan Johnson Co. team brokered the sale of an industrial property in Brookshire, Texas. The asset traded for $4.2 million to a southern California buyer.
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