Fort Myers land investors buy at Ben C. Pratt, Penzance

BUYER: Pacific Peak Inc. (principals: Wen Wu and Maylene Kiang Wu), Fort Myers

SELLER: Regions Bank

PROPERTY: 11780 Ben C. Pratt/Six Mile Cypress Parkway and 7431, 7541 and 7401 Penzance Blvd., Fort Myers

PRICE: $1.8 million

PREVIOUS PRICE: $2.97 million and $2.49 million, September 2005

LAW FIRM ON DEED: Greenberg Traurig PA, Miami

PLANS, DESCRIPTION: Fort Myers investors Wen Wu and Maylene Kiang Wu purchased 49.6 acres for $1.8 million.

The price equated to $36,290 per acre. The land, at the northwest corner of Ben C. Pratt/Six Mile Cypress Parkway and Penzance Boulevard is now zoned for residential uses.

Gary Tasman of Commercial Property Southwest Florida LLC, a Cushman & Wakefield alliance member, represented the seller and Thomas Daugherty of SW Florida Commercial Real Estate represented the buyer.

“The previous owner was going to put 220 homes on it,” Daugherty says. “The new owners are talking to senior housing guys. They are looking at doing two or three different things [but] it's purely an investment at this stage.”

The Wus have other land development holdings in Lee County. They own 80 acres near the Southwest Florida International Airport and a separate 60-acre development site on Alico and Lee roads in Fort Myers.