CRM Real Estate Services buys Stoneybrook land for development

BUYER: Cypress Creek Properties Ltd., Cleveland

SELLER: M&I Regional Properties LLC

PROPERTY: a portion of Corkscrew Road near Interstate 75, Estero

PRICE: $975,000

PREVIOUS PRICE: $2.26 million, August 2006 (includes multiple parcels)

LAW FIRM ON DEED: M&I Regional Properties LLC, Milwaukee, Wis.

PLANS, DESCRIPTION: An affiliate of Cleveland-based CRM Real Estate Services purchased a little more than 12 acres of developable land next to the Stoneybrook community for $975,000.

The property, which is located outside the gate of the master-planned community, has approvals for the development of a self-storage facility and is zoned for several retail uses. The new owner says it is still evaluating the site and the market to determine its future plans.

“This is an area we believe to be growing and coming out of the difficulties the market has experienced the past couple of years,” says Brian Intihar, vice president of CRM. “Our in-house architectures are putting together some plans for it right now. We hope to have something put together by the first quarter of 2013.”

The real estate firm, which has an office in Tampa, develops and manages commercial and multifamily projects. The company was highly involved in the Gulf Coast in the late '80s and early '90s, but got out when the market got a little crazy, Intihar says.