News Column

Coral Gables company inks warehouse deal for $6 million

August 5, 2014

By Matt M. Johnson, The Bradenton Herald

Aug. 05--MANATEE -- A 280,000-square-foot light warehouse building in the Whitfield industrial area that sold and was foreclosed upon in less than a year during the run up to the Great Recession has sold seven years later to the benefit of the company that held it through the bad times.

LVP Sarasota Industrial, a subsidiary of New York-based property investor The Lighthouse Group sold the office, warehouse and manufacturing building at 2150 Whitfield Ave. on July 30 to Daylion Corp. of Coral Gables for $6.05 million according to Manatee County records. Lighthouse had owned the building and the 13 acres it sits on since August 2007.

This is the second major industrial sale on that section of Whitfield in the past few months. In April, the Safran Group purchased a 136,000-square-foot manufacturing building at 2250 Whitfield Ave. from Eaton Aerospace through its Labinal subsidiary for $4.15 million. The Daylion building is directly adjacent to the Safran aerospace facility.

State business records show that Daylion is managed out of the same address as US Oftalmi, a Hallandale producer of eye drops. No officials with either company could be reached as phone numbers on file for the companies are disconnected.

In August 2006, 2150 Whitfield LLC purchased the building from CFI Manufacturing for $5.25 million. As part of the purchase, the company took out a $12.65 million mortgage from CAD Funding LLC, according to records. CAD foreclosed on the property the following May. It transferred the property to The Lighthouse Group three months later.

Lighthouse has made improvements to the building during its ownership, adding several concrete pads, new 800-amp electrical service and replacing several air conditioning units, according to permit records.

Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter


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Source: Bradenton Herald (FL)

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