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Grosse Point Closes $29 Mil Deal

CAPE CORAL, FL-The Fort Myers, FL-based development company pays Allete Properties $193,333 an acre for a 150-acre site in this city 126 miles west of Miami.

By David R. Corder | Updated on June 25, 2001

CAPE CORAL, FL-Grosse Point Development Co. Inc. has closed on a $29 million acquisition of the Tarpon Point Marina and an adjoining 150 acres.

The Fort Myers-based development company paid Allete Properties Inc., a subsidiary of Duluth, MN-based Allete Inc., about $193,333 an acre, or $4.44 per sf, for a site described as one of the last large pieces of undeveloped waterfront property in Southwest Florida.

In a press statement, Allete officials say the transaction enables the publicly traded company to meet its earnings objectives for this year. The subsidiary of a multibillion diversified energy services company also owns several other properties in Florida through affiliated companies–Cape Coral Holdings, Lehigh Corp. and Florida Landmark Communities.

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