Clearwater investor group buys TalaVera land

BUYER: The CEPCOT Corp. (principals: Fred and John Thomas, Karen McLead, James Eisch, Robert Milner and John Carlton Jr.), Clearwater

SELLER: Redus Florida Land LLC

PROPERTY: 125 Island Way, Clearwater

PRICE: $1.25 million

PREVIOUS PRICE: $2.3 million, December 2005

LAW FIRM ON DEED: Rogers Towers PA, Jacksonville

PLANS, DESCRIPTION: An investment group led by Fred and John Thomas, Pinch A Penny Pool Patio Spa's founder and current president and CEO respectively, purchased 0.98 acres of land approved for TalaVera at Island Estates for $1.25 million.

TalaVera was originally envisioned as a multifamily development with 27 units.

Bill Eshenbaugh and Ryan Sampson of Eshenbaugh Land Co. in Tampa represented the seller and Michelle Chenault of Coldwell Bank in Clearwater represented the buyer.

“The rule has been that if you buy waterfront property at the right price it will probably treat you well,” Eshenbaugh says. “They certainly aren't making any more of it. [The buyer] likely bought it as an investment, because it was price right, for a hold.”