Medallion Home company buys Buckeye property

BUYER: Cargor Partners VI - Buckeye 928 LC (principals: Carlos Beruff, Jake Jacobson, Charles Tokarz and Timothy Knowles), Bradenton
SELLER: OB Florida CRE Holdings LLC
PROPERTY: 11100 Buckeye Road, Palmetto
PRICE: $5 million
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP

PLANS, DESCRIPTION: An affiliate of Medallion Home purchased 932 acres on Buckeye Road east of Interstate 75 for $5 million.

The price equated to $5,365 per acre.

It is no coincidence that Carlos Beruff, Medallion Home CEO, knew a lot about the vacant property. He was part of an ownership that lost the property in foreclosure to the seller, an affiliate of IberiaBank, in early 2011.

Beruff says of the previous group that he was not a managing member and that based on the way the loan was structured, the bank didn't assign liability to the members or their businesses.

“We had a partnership interest in that venture, we did all of the local work,” he says. “So we were very familiar with the pros and cons of the property. We kept our eye on it and purchased it at what we feel was a very reasonable price.”

He says the new ownership plans to hold on to the property until the timing is right for a mixed-use project.

Purchase entity Cargor Partners VI - Buckeye 928 LC mortgaged the property to Florida Federal Land Bank Association for $3 million.