Neal Land Ventures buys Dakin site, plans future residential community

BUYER: Terra Parrish LLC (Pantheon Management LLC and Sigma Strategic Investments LLC), Sarasota
SELLER: D4 LLC
PROPERTY: 14121 and 13855 State Road 62, 12255 U.S. 301 N., 5595 Juel Gill Road and 13750, 13850, 13960 and 13970 County 675, Parrish
PRICE: $4.5 million
LAW FIRM ON DEED: Vogler Ashton, Bradenton

PLANS, DESCRIPTION:
Neal Land Ventures and its equity partner Gravitas LLC purchased the 240-acre Dakin homestead property for $4.5 million.

The price equated to $18,750 per acre.

Located at the intersection of State Road 675 and Jim Davis Road west of Gamble Creek, the property formerly served as the Dakin family homestead and dairy farm. The site is approved for 584 residential units.

“We have been attracted to the property since 2006, but we couldn't come to terms,” says John Neal, president of Neal Land Ventures. “Then during the downturn, the Dakins completed the entailments on their own. We plan to use that existing plan and maintain the character of the Parrish area while bringing new modern homes.”

Neal Land Ventures plans to start development work on the future single-family community in spring 2015 and sales in the summer.

The new ownership expects to sell the lots to a number of local and national homebuilders along with its partner, Neal Communities of Southwest Florida LLC.

The purchase entity, Terra Parrish LLC, mortgaged the property to Frugalitas for $4 million.