Sun Terra, JEN Partners buy land for Brandon community

BUYER: Jen Florida XVII LLC (Jen IV GP LLC and Sun Terra Communities I LLC), Oviedo
SELLER: Cardanell Farms I LLC
PROPERTY: 725 Lithia Pinecrest Road, Brandon
PRICE: $12.4 million
PREVIOUS PRICE: $1.97 million, October 1980
LAW FIRM ON DEED: Richards Gilkey Fite Slaughter Pratesi & Ward PA, Clearwater

PLANS, DESCRIPTION: A joint venture of Oviedo-based developer Sun Terra Communities and New York City-based JEN Partners purchased 85.7 acres of pasture land for $12.4 million.

The price equated to $144.741 per acre.

John Kraynick, partner with Sun Terra Communities, says the partnership was brought into the project by Tampa-based homebuilder Homes by WestBay.

“We acquired it for them and will be developing it,” Kraynick says. “We will eventually be selling them finished lots. We go where our purchasers go, but its looks like a great infill location surrounded by existing communities.”

The property, called Grove Park, is zoned and approved for 300 home lots. The company has only recently started planning the project. Kraynick expects to break ground by the end of the year.