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Business Observer Friday, Aug. 16, 2013 9 years ago

Sarasota real estate firm Gravitas buys Punta Gorda aggregate, shell mine

The price equated to $9,250 per acre.

BUYER: Infinity Lake LLC (principals: Randall Bono and Michael Fitzgerald), Sarasota
SELLER: PAB Shell Rock Holding LLC
PROPERTY: a portion of Bermont Road, Punta Gorda
PRICE: $925,000
PREVIOUS PRICE: $2.1 million, September 2009
LAW FIRM ON DEED: Akerman Senterfitt, Miami

PLANS, DESCRIPTION: The Sarasota investor group Gravitas LLC purchased an 100-acre aggregate and shell mine on Bermont Road for $925,000.

The price equated to $9,250 per acre.

Gravitas plans to continue operating the mine to support its concrete company Colonial Construction Co., according to Susan Flynn, CEO of Gravitas.

Gravitas isn't new to mining. It already owns a sand mine in Placida now operated as Colonial Mining Materials.

Along with its construction and construction-material related businesses, Gravitas has also partnered with Floridays Development Co. on residential multifamily projects including buying and selling off 72 condominium units in Oasis Tower I in Fort Myers and 130 units in the 5300 Lofts development in Atlanta.

The property was previously owned by an affiliate of Premier American Bank, which took ownership of it in a foreclosure judgment in mid-2011 from Quality Shell Rock LLC.

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