Balfour Group buys undeveloped property

BUYER: Balfour Group LLC (principals: Alice McNeese and Harry and Eleanor Rosenman), Altamonte Springs

SELLER: Bank of America NA

PROPERTY: 3850 Winkler Ave. Ext. and 3851 Colonial Blvd., Fort Myers

PRICE: $1.7 million

LAW FIRM ON DEED: Stoneburner Berry Glocker Purcell & Greenhut PA, Jacksonville

PLANS, DESCRIPTION: Balfour Group LLC purchased 40 acres for $1.7 million.

The price equated to $42,500 per acre.

The property, between Metro Parkway and Six Mile Cypress, on the north side of Colonial Boulevard, is one of the last undeveloped properties in that area.

Gary Tasman and Shawn Stoneburner of Commercial Property Southwest Florida handled the transaction.

Tasman describes the buyers as investors from outside the local area who plan to hold the property for a future developer.

“It's residential with a little bit of commercial in the front on Colonial,” Tasman says.

Adds Tasman: “There is no question we are close to bottom [of land prices.] We've seen nearly a 90% retraction in value [off] the market peak. Florida is recovering. Investors are starting to scoop up properties when and where the values make sense.”