Silverleaf Advisors LLC buys McGregor Boulevard land

BUYER: McGreggor Holdings LLC (principals: John Morgan, Keith Campbell, James Deming and Silverleaf Advisors LLC), Fort Myers
SELLER: Stonegate Bank
PROPERTY: 13681 McGregor Blvd., Fort Myers
PRICE: $1.05 million
PREVIOUS PRICE: $1.37 million, October 2004
LAW FIRM ON DEED: Duncan & Associates PA, Fort Myers

PLANS, DESCRIPTION: Miami-based private equity firm Silverleaf Advisors LLC purchased 10.85 acres north of Town and River Drive for $1.05 million.

The price equated to $96,783 per acre.

The land, which is near the Caloosahatchee River, was purchased as a speculative investment, according to Douglas Hannah, managing director of Silverleaf Advisors. He says it has approvals for 116 units of condominiums or apartments.

“We may do a joint venture or sell it; we don't want to be pigeonholed,” he says. “We just felt it was a good opportunity. It's a nice infill location that's zoned and approved with utilities in the ground.”

Further, he says there are signs that the Fort Myers market has improved to the point where the lack of residential supply will cause new development to increase.

The purchase entity, McGreggor Holdings LLC, mortgaged the property to The Barbour Enterprises Limited Partnership I for $600,000.