BUYER: Laurel Road Property LLC, Sarasota
SELLER: OB Waterford LLC
PROPERTY: a portion of Laurel Road at the northeast corner of its intersection with Knights Trail Road, Venice
PRICE: $5 million
PREVIOUS PRICE: $21 million, September 2005
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota
An investor group led by John Peshkin of the Sarasota-based residential real estate investment firm Vanguard Land LLC purchased 50.68 acres east of Interstate 75 on Laurel Road for $5 million.
The price equated to $98,658 per acre.
The property is zoned commercial mixed-use, which allows for a variety of residential, office and retail uses. Peshkin describes the property as a long-term investment that should benefit greatly from activity nearby.
“We have the flexibility for larger stores there,” says Peshkin. “I think it would be an ideal location for an upscale shopping center. But we don't have a specific schedule for when we would start development. We haven't been aggressively reaching out to potential users. There are several fairly significant housing developments nearby.”
The property owners themselves own an adjacent property planned for a future residential project.
Chris Bowers of Eshenbaugh Land Co. in Tampa handled the transaction.
Vanguard Land LLC's business model is to buy and hold portfolios of vacant developed lots and land for future development.