Land Solutions owner, trusts buy Coral Creek property

BUYER: David Johnson as trustee of the Shannon Trust (42.125% interest), David Johnson as trustee of the Wade Trust (42.125%), David Johnson as trustee of the WS Trust (5.75%) and Charlotte Grove LLC (principal: Randy Thibaut) (10%), Fort Myers
SELLER: Charlotte Orange Grove LLC
PROPERTY: 12280, 12300, 12350, 12390, 12400, 12450 Burnt Store Road and additional land, Punta Gorda
PRICE: $950,000
PREVIOUS PRICE: $1.18 million, June 2002
LAW FIRM ON DEED: Farr Farr Emerich Sifrit Hackett & Carr PA, Punta Gorda

PLANS, DESCRIPTION: An investment firm led by Randy Thibaut of Land Solutions Inc. and three trusts with local ties purchased 176 acres in western Charlotte County for $950,000.

The price equated to $5,398 per acre.

The property makes up a little more than half of the 330-acre proposed Coral Creek development. The total development is approved for 990 residential units and 200,000 square feet of commercial space.

“They are likely looking to sit on it for three to seven years,” says Doug Meschko, market research director and a broker for Land Solutions.

Thibaut was unavailable as of deadline.