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South Florida

Broker buys 65 acres in Palm Bay

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Broker Stefan Hoyer of Hoyer Homes has purchased a 65-acre parcel in
Palm Bay for $1.57 million, according to Berger Commercial Realty, which
represented Hoyer in the deal. The seller was CRM Florida Properties, a
limited liability company formed by SunTrust. The deal includes 210
single-family home lots in the mixed-use development of Bayside Lakes,
with 101 in the Amberwood division and 109 in the Wellington division.
As part of the deal, broker Reese Stigliano, who represented Hoyer in
the deal, helped negotiate a new agreement with Palm Bay to reinstate
its utility agreement on the lots, and reduce past due fees down to
$250,000.
— Alexander Britell