BUYER: GA-Pinnacle Savanna Lakes LLC (Gerald Alexander Property Holdings LLC), New York City
SELLER: V Ventures LLC
PROPERTY: a portion of Milwaukee Boulevard, east of Homestead Road South, Lehigh Acres
PRICE: $1.53 million
LAW FIRM ON DEED: Goodman Breen & Gibbs, Naples
Weston-based Pinnacle Development Group LLC and a New York City private equity partner purchased 375 acres for $1.53 million.
The price equated to $4,080 per acre.
The property, which is north of a future Lennar development, is approved for about 600 single-family homes in a development called Savanna Lakes.
Pinnacle Development Group considers the property a long-term investment.
“My feeling is that land is a premium shrieking commodity and pieces of that size are hard to come by today,” says David Kraizgrun, founder of Pinnacle Development. “I don't think that area will be ready in the near future; this is a longer-term prospect.”
The joint venture has made a number of similar acquisitions this year. It recently purchased the 133.95-acre Buckingham Estates, on Orange River Boulevard a mile east of Interstate 75, for $1.23 million. It also acquired the 19.55 acres on Veronica South Shoemaker Boulevard, north of Colonial Boulevard and east of Metro Parkway for $1.05 million.