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| Paul Bouldin |
GLEN SAINT MARY, FL, July 28, 2014 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, today announced the sale of
3,391 acres of land, located in Glen Saint Mary, Fla., according to Richard D.
Matricaria, regional manager of the firm’s Tampa office.
The asset sold for
$4,550,000.
Paul Bouldin, a senior associate in Marcus &
Millichap’s Tampa office, represented both parties in the transaction.
The property is located in Glen Saint Mary, Florida,
approximately one mile north of Interstate 10 on County Road 125 in Baker
County.
Glen Saint Mary is one mile west of Macclenny, the county
seat and is considered to be in the Jacksonville MSA, approximately
twenty-miles west of the Jacksonville city limits.
It was previously part of a proposed Development of Regional
Impact (DRI) that was planned for mixed-uses including a 55+ age restricted
single-family residential community.
“This project never became a reality and remained a timber
tract until most of the trees were harvested in 2013,” says Bouldin.
“The
property was entangled in Bankruptcy Court and disputes between partners, but
this sale allowed the prior owners to resolve their issues and repay their
obligations,” adds Bouldin.
“The buyer purchased the property as a long-term investment
and plans to continue its agricultural use until development again becomes
feasible.”
For a complete copy of the company’s news release, please
contact:
Richard D. Matricaria
Vice President/Regional Manager
Tampa, FL
(813) 387-4700
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