Chicago, Fort Myers investors buy Burnt Store Road land

BUYER: Burnt Store Road LLC (principal: Daniel Light), Naples

SELLER: Land Holding LLC successor by merger to Capstone Realty Inc.

PROPERTY: 14290 and 14400 Burnt Store Road and 26100 Zemel Road, Punta Gorda

PRICE: $1 million

LAW FIRM ON DEED: Carlton Fields PA, Orlando

PLANS, DESCRIPTION: A group of investors from Chicago and Fort Myers purchased 265 acres on Burnt Store Road for $1 million.

The price equated to $3,774 per acre.

The vacant land, directly across from Lennar's Tern Bay community, is zoned for up to 999 residential units in a mix of multifamily and single-family homes.

Randy Thibaut and William Rollins of Land Solutions Inc. handled the transaction. Thibaut described the price of the purchase, a bank real-estate-owned property, as “the bottom of the bottom.”

The acquisition also included transfer density units, rights required by Charlotte County to develop homes on the property.

“This was purchased for a long-term hold,” Thibaut says. “They are planning on waiting for development on Burnt Store Road to come back someday. They expect to hold it for the next five to six years to see what the market does.”