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BUYER: Preserve at Bal Harbor LLC (PFC Projects LLC), Williamstown, Mass.
SELLER: Premier American Bank
PROPERTY: 2001 Bal Harbor Blvd., Punta Gorda
PRICE: $1.25 million
PREVIOUS PRICE: $2.16 million, August 2005
TITLE FIRM ON DEED: Cape Coral Title Insurance Agency Inc., Cape Coral
PLANS, DESCRIPTION: Williamstown, Mass.-based National Land Partners LLC purchased a 36-unit condominium building and additional vacant land in the Preserve at Bal Harbor for $1.25 million.
The developer plans to spend about $2 million to improve the building and units for resale.
“For around 30 years we've been in the land business,” says Michael Emmons, managing partner for the Bal Harbor purchase. “For the past couple years the land business hasn't been doing too well, so we met with some banks and saw that fractured condo deals offered an incredible opportunity.”
Emmons says that while the four-story building requires cosmetic work and other improvements, structurally it is in very good condition. The additional vacant land could eventually be used to develop a second building.
The developer says he was particularly attracted to the property because of its great location. “We intend to have the project back on the market from three to five weeks from now,” Emmons says.
The purchase entity Preserve at Bal Harbor LLC mortgaged the property to NLP Finance LLC for $2.5 million.
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