Premier Properties buys Pinewood Lakes

Premier Properties buys Pinewood Lakes

BUYER: Premier Properties of Cape Coral Inc. (principal: Roger Schutt), Cape Coral

SELLER: Reliance Bank

PROPERTY: Southeast 2nd Court and Southeast 8th Street, Cape Coral

PRICE: $745,000

PREVIOUS PRICE:

LAW FIRM ON DEED: Warchol Merchant & Rollings LLP, Cape Coral

PLANS, DESCRIPTION: Premier Properties of Cape Coral Inc. purchased the 58-lot Pinewood Lakes residential community on 20 acres at Southeast 2nd Court and Southeast 8th Street from Reliance Bank for $745,000.

The purchase price equated to $37,250 per acre or $12,845 per lot.

The community already features city utilities and much of its infrastructure. The new owner plans to develop a rectangular community, called Celebration Cape, with homes built around a central alleyway. Aranda Homes will be build the new homes that are expected to start at $150,000. The community will feature oversized garages that can accommodate motor homes or boats.

Janie Hooker of Land Solutions Inc. represented the seller, and Bill Shuba of LandQwest Commercial LLC represented the buyer.

“The buyer has developed various tracts of land in the Cape and has been involved with several hybrid, blended use projects, including office with storage,” Shuba says. “He understands the Cape and believes in the Cape.”