California financial group, partner buy Bell Boulevard Mine for $6.7 million

BUYER: Pine Quarry Holdings LLC (Sabal Financial Group LP and Pine Holdco LLC), Newport Beach, Calif.
SELLER: Everbank
PROPERTY: 21260 State Road 82, Fort Myers
PRICE: $6.7 million
PREVIOUS PRICE: $14.86 million, May 2007
LAW FIRM ON DEED: McCalla Raymer LLC, Panama City

PLANS, DESCRIPTION:
Newport Beach, Calif.-based Sabal Financial Group LP and a related company operating Pine Holdco LLC purchased the 554.33-acre Bell Boulevard Mine for $6.7 million.

The price equated to $12,081 per acre.

The fill sand and rock mine was first mined in the early '80s. According to a sales marketing sheet, the mineral reserves are located 40 to 45 feet down and included Department of Transportation-grade limestone and perk and fill sand. The property is located along State Road 82, eight miles east of Florida Southwest International Airport.

The Florida Department of Environmental Protection-issued lime-rock mining permit is scheduled to expire in 2016.

The mine was closed at the time of the sale. In October, Everbank foreclosed on the property, taking it from PDJW II LLC.

The bank sold the mine in a larger portfolio of properties to Sabal Financial Group.

The 5-year-old Sabal Financial Group is an international diversified financial services firm specializing in real estate, banking and lending.