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Eola Capital Buys Crescent Land

TAMPA, FL-The transaction totals $2 million for 72 acres as the former owner works through Chapter 11.

By Carl Cronan | Updated on July 10, 2009

TAMPA, FL-As Charlotte, NC-based Crescent Resources LLC continues to work its way through Chapter 11 reorganization , it is apparently selling off properties it no longer seeks to develop. One such example is its $2-million sale of 72 acres along Tampa’s Lee Roy Selmon Crosstown Expressway to Orlando-based Eola Capital.

The sale comes close to a new low benchmark for local land sales at less than $1 per square foot, or nearly $27,800 per acre. Eola Capital would not comment last week on its plans for the property.

Crescent Resources filed Chapter 11 in June in US Bankruptcy Court in Austin, TX. The regional developer listed 120 subsidiaries and more than $1 billion in assets and liabilities.

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