Pinnacle Development Group buys 44 acres on Metro Parkway

BUYER: Colonial at Metro LLP, Weston
SELLER: Lee County Enterprises LLC
PROPERTY: 10631 Metro Parkway, Fort Myers
PRICE: $2.2 million
PREVIOUS PRICE: $4.42 million, September 2004
LAW FIRM ON DEED: Security Title & Abstract LLC, Fort Myers

PLANS, DESCRIPTION:
Pinnacle Development Group LLC purchased 43.9 acres fronting Plantation Road for $2.2 million.

The price equated to $50,114 per acre.

The property has zoning and several entitlements for a mixed-use commercial and multifamily development.

“It's really on Main and Main; Colonial is really the epicenter in Lee County,” says Woody Hughes, acquisition and financial analyst for Pinnacle Development Group. “It was annexed into the city of Fort Myers in '05. It is zoned for 775 multifamily units. We're considering 200 single-family homes with zero lot lines, but there are a lot of alternatives.”

The property is five miles southwest of where Neal Communities is developing the 106-acre Watermark community on Challenger Boulevard and a separate D.R. Horton community.

The community is not yet named, but is informally referred to as Metro 43 by the developer.

Mike Price and Billy Rollins of Land Solutions represented the seller.