Investor group buys land in Fort Myers River District

BUYER: Madison Ave Investment Group LLC (manager: Ayal Keren), Fort Myers
SELLER: Land Holding LLC
PROPERTY: 2144 McGregor Blvd., Fort Myers
PRICE: $3.5 million
PREVIOUS PRICE: $6.25 million, June 2003
LAW FIRM ON DEED: Carlton Fields Jorden Burt PA, Orlando

PLANS, DESCRIPTION:
An investor group led by Ayal Keren of Fort Myers purchased a 7.87-acre parcel northeast of a Publix for $3.5 million.

The price equated to $448,727 per acre.

The Fort Myers River District property was previously part of the land proposed for a development called First Street Village. That mixed-use development had proposed condominium towers, offices, upscale and boutique retail, courtyards and resort-style amenities. Only a portion of the project was developed, for retailers such as Publix and First Watch, but the remainder of the site was left vacant.

“This is the last significant development parcel in downtown Fort Myers' river district,” Keren says. “At this point, we are just assessing what we should do here. We expect to be holding a number of preliminary meetings over the next few months.”

Keren, who has been acquiring real estate in the United States since 2008, and his partners have done a number of developments in Canada, Europe and Israel.

Phil Fischler of Fischler Property Co. represented the buyer, and Cole Whitaker of Berkadia Real Estate Advisors in Orlando represented the seller, an affiliate of PNC Bank.

“This has great potential to build upon the momentum currently underway in the river district,” Fischler says.