Michigan investors buy Cape Grande land

BUYER: Cape Parkway LLC (principal: John Kulhavi), Farmington Hills, Mich.

SELLER: Redus Florida Land LLC

PROPERTY: 1811 Cape Coral Parkway E., Cape Coral

PRICE: $1.45 million

PREVIOUS PRICE: $5.5 million, January 2007

LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando

PLANS, DESCRIPTION: Farmington Hills, Mich., investor John Kulhavi purchased a 3,254-square-foot office building on 3.1 acres fronting the Caloosahatchee River for $1.45 million.

The price equated to $446 per square foot.

The property is best known as Cape Grande. It was previously acquired during the real estate hey day for a planned mixed-use development of 120 condominium units, 15,000 square feet of commercial space and about 30 boat slips.

Randy Thibaut and Billy Rollins Jr. of Land Solutions Inc. represented the seller, a subsidiary of Wells Fargo, and Jeff Miloff of Miloff Aubuchon Realty Group Inc. represented the buyer.

“It was bought as an investment for the long-term for a future development,” Thibaut says. “In the meantime, Aubuchon Homes (Inc.) plans to occupy the building as its new home sales center and property office. It's right on the foot of the Cape Coral bridge.”