Nashville investor group buys Pine Island land across from VA

BUYER: Cape Pine LLC (principal: Raymond Hurd), Nashville
SELLER: OB Florida CRE Holdings LLC
PROPERTY: 2600 N.E. Pine Island Road, North Fort Myers
PRICE: $721,252
PREVIOUS PRICE: $10 million, March 2006

BUYER: Running Tree LLC (principal: Raymond Hurd), Nashville
SELLER: OB Florida CRE Holdings LLC
PROPERTY: 2570 N.E. Pine Island Road, North Fort Myers
PRICE: $128,748
PREVIOUS PRICE: $400,000, September 2005
LAW FIRM ON DEED: Adams and Reese LLP, Sarasota

PLANS, DESCRIPTION: An investor group in Nashville purchased 39.61 acres of land on Pine Island Road east of Hancock Creek South Boulevard for a total of $850,000.

The price equated to $21,459 per acre.

Although the property is primarily zoned for agricultural users, its future land use designates it for general commercial. The land is located south of the Lee County VA Healthcare Center.

Adam Palmer of LandQwest Commercial handled the transaction.

“[The new owner] is planning on entitling and building on a portion of the property and is in the middle of discussions on proposed uses,” Palmer says. “They're discussing everything from a hotel, restaurant and even office along with other uses such as an assisted-living facility in the back. At the price they were able to purchase it from the bank they felt it was advantageous even just to sit on it.”

The investors expect to have planning done on the property in the next six months, Palmer says. Further, he says, it's likely that the owners would bring in additional more experienced developer/operators for certain specialized real estate types, including the senior-living component or hotel, as part of the project.