GTIS Partners affiliate buys North Park land

BUYER: GTIS I VGC LP, New York City
SELLER: Ryan Mixon LLC
PROPERTY: 1500 23rd St. E., 2201 and 2202 21st St. E., 2355, 2605, 2515, 2400 and 2420 26th Ave. E. and a portion of 23rd Street East, Bradenton
PRICE: $5 million
PREVIOUS PRICE: $10.86 million, February 2006
LAW FIRM ON DEED: Shutts & Bowen LLP, Tampa

PLANS, DESCRIPTION: A purchase entity led by New York City real estate investment firm GTIS Partners purchased 240.44 acres east of downtown Bradenton and north of Manatee Glens Hospital for $5 million.

The price equated to $20,795 per acre.

The seller, Metro Development Group, purchased the former Mixon Fruit Farms grove land in early 2006 with plans to create a new urbanist community called North Park with up to 1,400 residential units. The development plan had called for a walking trails, several parks and commercial space. The city of Bradenton had annexed the property into its borders a few months prior to the sale.

But the real estate market crashed before the site could be developed.

GTIS Partners' targets undervalued real estate and distressed assets, according to its website. The firm develops properties itself or finances the transactions/development with partners.