Illinois developer buys 432 acres on S.R. 54

BUYER: Thornwood Associates LLC, Wesley Chapel

SELLER: Harrison Bennett Property LLC

PROPERTY: 5550 and 5714 Jireh Road, 5545, 5730 and 5826 Billmar Road, 5952 and 5836 Curley Road,31061 State Road 54, and additional land, Zephyrhills

PRICE: $22.89 million (debit)

LAW FIRM ON DEED: Akerman Senterfitt, Tampa

PLANS, DESCRIPTION: Naperville, Ill.-based Crown Community Development Inc. purchased the mortgage notes covering 432 acres of land on State Road 54 and the realigned Curley Road. The developer then acquired the property in exchange for a $22.89 million debit.

The property is approved for a mixed-use project with retail, office and multifamily residential space.

“We purchased it as a long-term investment,” says Barbara Kininmonth, vice president of sales and marketing for Crown Community Development. “We felt it was a wonderful, well-located parcel that we're very excited about. We plan to sit on it for five to seven years until the market matures and gets better.”

Crown Community Development is best known in the Tampa Bay area as the developer of Seven Oaks and Wiregrass.