Joint venture pays $80M for Pelican Bay land

BUYER: GBPBDEV I Inc. (officers: Aubrey, Daniel, Marissa and Tina Ferrao; Anthony Dinardo and Joseph Parisi), Naples
SELLER: Parcel J Joint Venture
PROPERTY: 6873 Grenadier Blvd. and a portion of Dade Street also known as a portion of tracts C and D, Waterpark Place at Pelican Bay, Naples
PRICE: $80 million
LAW FIRM ON DEED: Bilzin Sumberg Baena Price & Axelrod LLP, Miami

PLANS, DESCRIPTION:
Gulf Bay Group of Cos. sold a 4.3-acre vacant land parcel in Pelican Bay to a joint venture of itself and investment firm Kohlberg Kravis Roberts & Co. for $80 million.

The price equated to $18.6 million per acre.

The partners have announced plans to create a 22-story, 87-unit, luxury high-rise on the site called Mystique. That project is said to be in its initial planning stages.

KKR is a global investment firm with $99.1 billion in assets under management as of March 31. Gulf Bay Group of Cos. is well known for developing residential projects, including master-planned community of Fiddler's Creek.