Investment Properties Corporation brokers $36 million sale of residential land

Empire Builders recently purchased 32 acres of residential land surrounding the Naples Grande golf course from Blackstone Real Estate Advisors. David J. Stevens, CCIM, a principal with Naples-based Investment Properties Corporation (IPC), represented the seller.  Empire Builders was selected from a group of nearly twenty bidders secured by IPC.

The residential acreage is located at the Southeast corner of Golden Gate Parkway and Airport Road. A 234-unit development is planned for the area, and will include views of Naples Grande golf course and the surrounding lake. The only residential property planned for Naples Grande will be developed jointly by Empire Builders and Oliver Group.

Blackstone’s Naples portfolio, formerly owned by Miami Dolphin’s owner Wayne Huizienga, includes Naples Grande (formerly The Registry), the Edgewater Resort and the Naples Grande golf course. Their total real estate assets are valued at approximately $29.4 billion.

“We are excited that we were able to purchase the property, and we believe it will be very successful,” says Bill Slavich, president of Empire Builders.  “We look forward to our venture with Oliver Group and Blackstone.”

Plans to pre-sell and market the property are planned for the end of March.  Construction is expected to begin September 2006.

In addition to Stevens, IPC is owned and operated by principals William V. Gonnering, CCIM, SIOR, and Craig D. Timmins, CCIM. A true team approach utilized by IPC is a
distinguishing feature of the firm; the IPC staff often works as a whole on each client account.

IPC is celebrating its 30th Anniversary. Since 1976, the IPC team has serviced Southwest Florida with buyer and seller representation, site selection, leasing, exchanges, consulting and development services. IPC is located at 3838 Tamiami Trail North, Suite 402, in Naples. For more information: (239) 261-3400 (phone); (239) 261-7579 (fax); www.ipcnaples.com.

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