Eastpoint Stimuli buys Pine Island Road land

Eastpoint Stimuli buys Pine Island Road land

BUYER: Eastpoint Stimuli LLC (principal: Steve Krieg), Cape Coral

SELLER: NAP Eastpoint LLC

PROPERTY: 2025 and 2015 N.E. Pine Island Road, Cape Coral

PRICE: $2.2 million

PREVIOUS PRICE: $3.32 million, June 2005 and $1.92 million, December 2005

LAW FIRM ON DEED: Roetzel & Andress, Naples

PLANS, DESCRIPTION: Eastpoint Stimuli LLC, a limited liability company led by Cape Coral broker investor Steve Krieg, purchased 15.8 acres on Pine Island Road west of 21st Avenue and adjacent to a BJ's Wholesale Club for $2.2 million.

The purchase price equated to $139,241 per acre.

The property is already approved as a Planned Development Project by the City of Cape Coral for a 90,000-square-foot development. Krieg is working with developer Creighton Development on the future development of the property.

“There has never been a better time to buy in Cape Coral than right now,” Krieg says. “We feel this is the next property in Cape Coral to get developed on Pine Island Road. Cape Coral has a real shortage of developable retail properties. The property is already entitled. Which typically is a one- to three-year process. It will more than likely be a big box or national tenant.”

The purchase entity Eastpoint Stimuli LLC mortgaged the property to former owner NAP Eastpoint LLC for $1.7 million.