Atlanta's Oldcastle Materials buys several Schwab assets

BUYER: OC PMA LLC (Preferred Materials Inc.), Tampa

SELLER: Schwab Ready Mix Inc. fka Tolles Ready Mix Inc. as debtor in possession in the United States Bankruptcy Court

PROPERTY: 3333 Acline Road, Punta Gorda

PRICE: $870,000

PREVIOUS PRICE: $300,000, March 1988

PROPERTY: 2110 Pondella Road, North Fort Myers

PRICE: $1.22 million

PROPERTY: 7290 Alico Road, Fort Myers

PRICE: $1.2 million

PREVIOUS PRICE: $400,000, August 1979

TITLE FIRM ON DEED: Chicago Title Insurance Co., Tampa

PLANS, DESCRIPTION: Atlanta-based Oldcastle Materials Inc. purchased several real estate assets from Schwab Industries.

Oldcastle acquired a ready-mixed concrete manufacturing plant in Punta Gorda, an office building on Pondella Road in North Fort Myers and a 3,920-square-foot manufacturing facility in Fort Myers. The company paid $3.28 million for the three properties and several surrounding acres.

Schwab Industries and its affiliated businesses filed for Chapter 11 bankruptcy Feb. 28.

Oldcastle purchased Schwab assets in northeastern Ohio as well, including 12 ready-mixed concrete locations, two block plants and one aggregate distribution terminal. The company also bought seven ready-mixed concrete locations and a cement import terminal in Florida, in addition to its other local purchases.

The purchases are subject to a Federal Trade Commission review.

Oldcastle Materials supplies aggregates, asphalt, ready-mixed concrete and paving services, with 1,400 locations nationwide. It also owns Tampa-based Preferred Materials Inc.