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Business Observer Friday, Oct. 26, 2012 5 years ago

Medallion Home buys Forest Glen land

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The price equated to $1,688 per acre.

BUYER: B Squared LLC (principal: Carlos Beruff), Bradenton

SELLER: Whitney Bank

PROPERTY: 46900 State Road 64, Myakka City

PRICE: $900,000

TITLE FIRM ON DEED: Sun Coast Title Co. LLC, Sarasota

PLANS, DESCRIPTION: Bradenton-based Medallion Home purchased the 533.03-acre Forest Glen land for $900,000.

The price equated to $1,688 per acre.

The property, located on the south side of State Road 64 near the Hardee County line, included no residential entitlements and had no access to public sewer or water service. However, a portion of the property could be used for a fill dirt mine.

“This was a fantastic opportunity for something we could develop a long time down the road,” Pete Logan, vice president of Medallion Home, says. “Today it doesn't mean a lot, but if the development economy and markets pick back up there will be a demand for fill. We may be able to use it ourselves at some point. It's definitely a long-term play.”

Bill Eshenbaugh of Eshenbaugh Land Co. and Coldwell Banker Commercial, Saunders Real Estate of Lakeland handled the transaction.

Medallion Home recently acquired another 94 acres in Parrish known as Wildcat Preserve in a foreclosure auction for $800,100. The property, located at the northeast corner of Fort Hamer and Golf Course roads, will likely be developed as a residential community sometime in the next several years based on demand.

The purchase entity B Squared LLC mortgaged the property to Ranch Mortgage LLC for $900,000.

— additional reporting by Pam Eubanks, correspondent

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