Tampa investment group buys North Port commercial land

BUYER: Weedon North Port LLC (principal: James Chadwick), Tampa

SELLER: Florida Community Bank NA

PROPERTY: 2850 and 2900 W. Price Blvd., North Port

PRICE: $1.2 million

PREVIOUS PRICE: $250,000, August 1995

LAW FIRM ON DEED: Akerman Senterfitt, Miami

PLANS, DESCRIPTION: A purchase entity led by James Chadwick of Tampa purchased four commercial corners at the intersection of Price and Cranberry boulevards for $1.2 million.

The price equated to $75,000 per square foot.

Each parcel is roughly four acres. The property has been bank-owned since January 2011, when Premier American Bank NA foreclosed on it from Dennis Fullenkamp.

Mike Migone and Clint Conway of Sperry Van Ness Commercial Advisory Group represented the seller.

Just prior to the closing, another buyer expressed interest in buying one of the lots. The contract was assigned as part of the sale and the purchase entity, Weedon North Port LLC, has since sold lot H, block 417 of the Ninth Addition to Port Charlotte Subdivision to Hanlex Cranberrry LLC of Apopka for $550,000.

“So effectively, they paid $700,000 for the other three,” says Migone. “It is covered by neighborhood high-intensity zoning, which basically means it's open to any general commercial use.”

Chadwick did not reply to requests for comment prior to deadline.