Melbourne's Morse Properties buys Pine Island Road land

BUYER: MDT of Cape Coral LLC, Melbourne
SELLER: OB Florida CRE Holdings LLC
PROPERTY: 2020 and 2030 N.E. Pine Island Road, North Fort Myers and 1384, 1390 and 1394 Hibiscus Drive, Cape Coral
PRICE: $1.2 million
PREVIOUS PRICE: $312,100, May 2011
LAW FIRM ON DEED: Adams and Reese LLP, Sarasota

PLANS, DESCRIPTION: An affiliate of Morse Properties Inc. purchased 13.23 acres of vacant residential land on Pine Island Road for $1.2 million.

The price equated to $90,703 per acre.

Adam Palmer of LandQwest Commercial handled the transaction. The seller OB Florida CRE Holdings LLC is an affiliate of IberiaBank.

“This was a speculative investment,” Palmer says. “The buyer is looking to get users for the site. There are also a couple outparcels for a retail or office center.”

Morse Properties is a real estate and development company with offices in Orlando and Melbourne.