Investor group, Illinoisan buy Donald, Coon roads land

BUYER: Enclaves Investment LLC (principal: Randy Thibaut) (48% interest), Fort Myers and Shannon Danielle Pirron (52%), North Barrington, Ill.

SELLER: YA Eagles Nest Landholdings LLC

PROPERTY: intersection of Donald Road and Coon Road, North Fort Myers

PRICE: $975,000

LAW FIRM ON DEED: K&L Gates LLP, Miami

PLANS, DESCRIPTION: Investor group Enclaves Investment LLC and Shannon Danielle Pirron of North Barrington, Ill., purchased 57.67 acres south of Bayshore Road for $975,000.

The price equated to $16,907 per acre.

Randy Thibaut and William Rollins of Land Solutions Inc. handled the transaction. Thibaut is also managing the investment for the new owners.

“Right now it's zoned for residential,” he says. “Most likely the new owner will take it through approvals to create a low-density residential community on the site. But this is nothing that's going to happen for a couple of years. This was an acquisition for the long-term.”

Thibaut says the site will likely be entitled for 157 single-family home sites.

The transaction was done as a 1031 tax-deferred exchange in anticipation of possible higher tax rates for commercial investments starting in 2013.