CalAtlantic buys 700 acres in Lee County
CalAtlantic Group Inc. appears to be going out with a bang. In one of its final land deals in Southwest Florida as an independent entity, the home builder late last year acquired a nearly 706-acre tract in Lee County for $27.5 million.
That price represents one of the largest purchases of raw land by a homebuilder along the Gulf Coast in the past year, according to records.
CalAtlantic, which is in the process of merging with Miami-based Lennar Corp. in a $9.3 billion deal, acquired the Corkscrew Road land from Alico East Fund LLC, a Fort Myers company controlled by Private Equity Group.
“It's a beautiful property, and one of the few places you can build around an existing lake,” says Gary Tasman, CEO and principal broker at commercial real estate brokerage Cushman & Wakefield | Commercial Property Southwest Florida, who together with Shawn Stoneburner of the same firm negotiated the transaction.
“It's also fast becoming the epicenter for growth in Southwest Florida.”