Investors buy industrial land on Englewood's River Road

BUYER: Daniel Light (10% interest), Leah Light (10%), Shannon Pirron (10%), Joan and Gunther Reese as co-trustees of the Joan M. Reese Revocable Trust (40%) and River Road South LLC (manager: Randy Thibaut) (20% interest), North Barrington, Ill.
SELLER: Sarasota Industries LLC
PROPERTY: 1151 S. River Road, Englewood
PRICE: $1 million
PREVIOUS PRICE: $4.76 million, September 2005
LAW FIRM ON DEED: Bolaños Truxton PA, Fort Myers

PLANS, DESCRIPTION:
Investors Daniel and Leah Light, Shannon Pirron, an investment managed by Randy Thibaut and the Joan M. Reese Revocable Trust purchased 93.2 acres of industrial land for $1 million.

The price equated to $10,730 per acre.

Thibaut, CEO and broker of Land Solutions Inc., and Michael Price, sales associate of Land Solutions Inc. handled the transaction.

“They bought it for a long-term hold and have no immediate plans for it,” Thibaut says. “They like the area and the growth in Sarasota. They believe there will be a need for industrial property or residential in this area in the next five to seven years.”

The sale marks the third purchase for the investors following their sale early last year of the land and lots of Orange Blossom Ranch and Orange Groves to The Ronto Group Inc. for $15.96 million. The group has since purchased 157.04 acres on Jones Loop Road east of Interstate 75 in Punta Gorda for $2.01 million and 303.74 acres at 10624 Peace River St., Arcadia for $3 million. This sale is expected to be their last in the immediate future.