Pinnacle Development Group, partner invest in Veronica Shoemaker land

BUYER: 3950 Veronica Shoemaker LLC, New York City
SELLER: Intercredit Bank NA
PROPERTY: 3950 Veronica Shoemaker Blvd., Fort Myers
PRICE: $1.05 million
PREVIOUS PRICE: $5 million, April 2006
LAW FIRM ON DEED: Lee C. Schmachtenberg PA, Coral Gables

PLANS, DESCRIPTION:
Weston-based Pinnacle Development Group LLC and a New York City privately held equity partner purchased 19.55 acres of vacant land for $1.05 million.

The price equated to $53,708 per acre.

The land is located on Veronica S. Shoemaker Boulevard, north of Colonial Boulevard and east of Metro Parkway. It is zoned for about 500 units of future multifamily residential development or commercial uses.

“It has great zoning in the center of Fort Myers right in the Colonial Corridor,” says Woody Hughes, acquisition and financial analyst for Pinnacle Development Group. “This where everything is happening right now. The sleeping giant has reawoken. This is Broward [County] 40 years ago.”

Further, Hughes says the property has an existing water retention system and no wetlands, which should allow the entire land to be used for any future project. The very low vacancy rate for multifamily real estate in Lee County was also a factor in the buyers' decision to buy the land.

Pinnacle Development Group acquired the property as an investment to eventually sell to a builder or developer.

The seller, Intercredit Bank NA, foreclosed on the property in March 2011 from Westbury Lake Developers Inc.

Stan Stouder of CRE Consultants represented the seller and Hughes, also of Kraiz Realty Inc., represented the buyer.

“This was really a value play,” Stouder says. “Because it was a bank sale it offered a terrific value for the buyer to either hold or go vertical.”