The Real Deal Miami

CalAtlantic pays $27.5M for 706 acres near Florida Gulf Coast University

CalAtlantic has pending $9.3 million merger with Miami-based Lennar, which is expected to close by the end of March
February 25, 2018 10:35AM

Gary Tasman

Home building company CalAtlantic Group paid $27.5 million for 706 acres near Florida Gulf Coast University in Fort Meyers.

CalAtlantic is expected to build houses around a lake on the vacant land, located along Corkscrew Road in Lee County.

That area is “fast becoming the epicenter for growth in southwest Florida,” Gary Tasman, chief executive officer and principal broker of Cushman & Wakefield | Commecial Property Southwest Florida, told the Business Observer.

Tasman and Shawn Stoneburner at the same firm negotiated the land acquisition by CalAtlantic. The seller was Alico East Fund LLC of Fort Myers, controlled by Private Equity Group.

Miami-based Lennar Corp. is preparing to close its previously announced $9.3 billion acquisition of CalAtlantic by the end of March, a deal that would make Lennar the largest U.S. home builder.

In addition to paying $5.7 billion for CalAtlantic, Lennar also agreed to assume $3.6 billion of CalAtlantic’s debt, putting the total price of the acquisition at $9.3 billion.

The planed takeover is pending approval by shareholders of both companies.

Lennar and CalAtlantic had combined revenue in excess of $17 billion last year. [Business Observer] – Mike Seemuth