Newland buys Lutz land connecting Bexley Ranch to State Road 54

BUYER: NNP-Bexley LLC (Nash-Newland Group II LLC), Tampa
SELLER: Charles Bruck, individually and as trustee of the Ashley Glen Land Trust
PROPERTY: a portion of land east of State Road 54 and south of Suncoast Parkway, Lutz
PRICE: $6 million
PREVIOUS PRICE: $1.78 million, April 2011
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION: An affiliate of San Diego-based Newland Communities LLC purchased 260 acres in Pasco County for $6 million.

The price equated to $23,077 per acre.

The property, previously called both Suncoast Employment Village and Ashley Glen, is entitled for 780 townhomes, 1.8 million square feet of office space and 440,000 square feet of retail. More importantly, the property abuts the 6,800-acre planned community Bexley Ranch, which the homebuilder owns to the north, giving Newland Communities a cleaner access point to State Road 54.

Bill Eshenbaugh and Ryan Sampson of Eshenbaugh Land Co. represented the seller.

“This was a very strategic parcel they acquired to connect to their project,” Sampson says. “It's a good sign that the market and pricing is improving.”

Newland Communities officials had not responded as of deadline.