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

Miami /
Feb.February 25, 2018 10:35 AM

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


Related Articles

arrow_forward_ios
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Oprah Winfrey and (inset) Lawrence Stroll over the unit (Getty)
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
You get a condo! Billionaire Lawrence Stroll sells Oprah’s former Fisher Island penthouse
Gables Town Colony apartment complex, Sue Ansel of Gables Residential
Gables Residential scores $85M loan for Boca Raton apartment complex
Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya
Nuveen pays $103M for West Palm luxury apartments
Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)
Billionaire TV family sells Miramar property to Florida Crystals
Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential
Florida Crystals sells Margate rentals for $60M
Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso
Diesel family dishes on Wynwood condo project
Diesel family dishes on Wynwood condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...