Homebuilder D.R. Horton buys land near University Groves

BUYER: D.R. Horton Inc., Tampa

SELLER: OB Florida CRE Holdings LLC

PROPERTY: 8226, 8265, 8255, 8216, 8245, 8235, 8225, 8215, 8205 and 8290 Toledo Blvd., 3116 and 3106 Tortosa Drive, 8111 and 8110 Puertollano Glenn and 3109 and 3110 Segovia Place, Sarasota

PRICE: $1.5 million

PREVIOUS PRICE: $6 million, May 2006

LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota

PLANS, DESCRIPTION:
Fort Worth, Texas-based national homebuilder D.R. Horton Inc. purchased 29.15 acres of mixed-use/multifamily vacant land east of U.S. 301 and north of University Parkway for $1.5 million.

The price equated to $51,458 per acre.

An affiliate of Fort Myers-based Harp Development purchased the property from the developer of University Groves in 2006 with plans to develop it as a residential community. The developer took it through the entitlement process, but lost the property to Orion Bank in a foreclosure in May 2011.

DeLieto & Associates of Michael Saunders & Co. represented the buyer and IberiaBank represented the seller.