Ponte Vedra Beach's Ferber Co. developing Pine Ridge Road Walgreens

BUYER: 2014 Naples Associates LLC (managers: Paul Ferber Sr. and Jr.), Ponte Vedra Beach
SELLER: Greater Naples Young Mens Christian Assoc. Inc.
PROPERTY: 2511 Pine Ridge Road, Naples
PRICE: $2.5 million
PREVIOUS PRICE: $2.25 million, July 2007
LAW FIRM ON DEED: Law Offices of C. Guy Bond PA, Jacksonville

PLANS, DESCRIPTION:
The Ferber Co. purchased a 1.93-acre parcel at the corner of Pine Ridge and Airport Pulling roads for $2.5 million.

The price equated to $1.3 million per acre.

The property, which was most recently owned by The Greater Naples YMCA, formerly housed the Teddy Bear Museum of Naples and later the Gaynor Child Development Center, which has been relocated.

The new ownership plans to develop a Walgreens on the property. The 14,550-square-foot drug store is scheduled to open in September.

The Ferber Co. is a real estate development and investment company. Established in 1907, it has done commercial real estate projects for nationally known retailers primarily throughout Florida, New Jersey and the eastern regions of Georgia and Pennsylvania.