Toll Brothers buys Bonita Springs acreage

BUYER: Toll FL V Limited Partnership, Horsham, Pa.

SELLER: Colonial Homes Inc.

PROPERTY: a portion of Imperial Parkway, Bonita Springs

PRICE: $7 million

PREVIOUS PRICE: $11.52 million, January 2005

LAW FIRM ON DEED: Henderson Franklin Starnes & Holt PA, Fort Myers

PLANS, DESCRIPTION: Toll Brothers, a national homebuilder, purchased 122.34 acres of residential land for $7 million.

The price equated to $57,218 per acre.

Randy Thibaut, Billy Rollins and Janie Hooker of Land Solutions handled the transaction.

“This is one of the highest price tags seen outside of government buying,” Thibaut says. “One reason is because the property is 100% usable and has been cleared. It has all its permits in place and active. It is also in a premium location.”

The property is currently approved for 667 units in a mix of multi- and single-family homes. However, Thibaut expects suburban Philadelphia-based Toll Brothers to eventually develop a lower density project.