TerraCap buys land for future development

BUYER: Coconut Living LLC (principal: W. Stephen Hagenbuckle), Cape Coral

SELLER: Servco Inc. dba Elizabeth Holdings Inc.

PROPERTY: a portion of Pelican Colony Boulevard just east of U.S. 41, Bonita Springs

PRICE: $2.5 million

PREVIOUS PRICE: $4 million, September 2005

TITLE FIRM ON DEED: Premier Land Title LLC, Bonita Springs

PLANS, DESCRIPTION: A New York City and Cape Coral-based private equity firm purchased 13.6 acres in Coconut Point for $2.5 million. The price equated to $183,824 per acre.

The buyer, TerraCap Partners, purchased the property as an investment for future development. The site, Murano at Coconut Point, is already entitled for up to 200 assisted-living units.

“[The development schedule] is really going to be market driven,” says W. Stephen Hagenbuckle, general partner of TerraCap Partners. “We will look to partner with a group that specializes in assisted-living facilities.”

Jonathan Richards of CB Richard Ellis, Fort Myers/Naples represented the seller and Hagenbuckle, also of Heights Realty & Investments, represented the buyer.

The purchase entity Coconut Living LLC mortgaged the property to John Deluca as trustee of the John B. Deluca Revocable Living Trust for $1.5 million.