Riverside Investors buys U.S. 41 land

BUYER: Riverside Investors LLC (principal: Steven Paletsky), Fort Myers

SELLER: Park Royal Properties LLC

PROPERTY: U.S. 41and Harborage Drive, Fort Myers

PRICE: $1.96 million

TITLE FIRM ON DEED: Title Group of Fort Myers Ltd., Fort Myers

PLANS, DESCRIPTION: Riverside Investors LLC purchased 11.25 acres of vacant commercial land for $1.96 million.

The price equated to $174,240 per acre.

Michael J. Frye of the Re/Max Realty Group Commercial Division represented the seller and Jim Garinger and Andrew Falde of Colliers International represented the buyer. The land is on Tamiami Trail, at the south side of Harborage Drive across from Babcock Road.

“There are preliminary plans for a commercial project there, but they don't have any plans for developing it anytime soon,” Falde says. “This is an investor purchase driven by things such as the low price. They plan to hold it for a few years.”

Falde says the buyer, Fort Myers investor Steven Paletsky, also liked the property because it has four-way access to U.S. 41 and is near The Harborage neighborhood.