Bainbridge buys Falkenburg land, starts apartment development

BUYER: BGB Brandon LLC (manager: Richard Schechter and title authorized representative: Sanford Fox), Wellington
SELLER: BEBO Holdings LLC
PROPERTY: a portion of South Falkenburg Road and Causeway Boulevard, Brandon also known as lot 2A Crossroads Town Center
PRICE: $7.3 million
LAW FIRM ON DEED: Broad and Cassel, Boca Raton

PLANS, DESCRIPTION:
An affiliate of The Bainbridge Cos. purchased an 18-acre piece of vacant commercial land at the southwest corner of Interstate 75 and the Lee Roy Selmon Expressway for $7.3 million.

The price equated to $405,556 per acre.

The buyer has started construction of a 256-unit apartment on the property. According to a notice of commencement, the Bainbridge Construction LLC plans to develop nine residential buildings, a
clubhouse/leasing office, swimming pool, car wash/maintenance shop and a dog park.

Bainbridge officials had not replied to requests for comment prior to deadline.

Wellington-based The Bainbridge Cos. is an owner, developer and manager of multifamily apartment communities in the Eastern United States. It has several offices, including one in Tampa, and owns the Heron's Run and McIntosh apartments in Sarasota, Perico in Bradenton and Westminster Chase and Willow Brooke in Tampa.

The buying entity, BGB Brandon LLC, mortgaged the property to PNC Bank National Association for $24.32 million.

Ryan Sampson of Eshenbaugh Land Co. handled the sale.