46-Acre Site in Palm Coast Sells for $4M

JACKSONVILLE, FL-The 46-acre purchase of a development site in Palm Coast, near Jacksonville, which closed March 25th, was the largest sale to take place in that city for two years, according to Ormond Beach-based Chris Butera, associate with NAI Realvest, who represented the seller. NAI Realvest is based in Maitland.

The buyer of the tract, Coral Gables-based Gold Royale Asset, whose principal, Luigi Annese, is based out of Miami and Venezuela, is probably buying the property to land-bank it, says Butera. Annese is in Venezuela and currently unreachable, he says.

Butera says that Annese paid cash for the 46 acres, which was once part of the 400-acre Colbert Lane PUD, which was never developed. The 46- acre tract, which is entitled for office and retail development, is part of what was to be a 300,000-square-foot mixed-use development. Over the last few years, most of the land for Colbert Lane was sold off, as the market for residential and commercial development dried up, says Butera, who is son of Ben Butera, one of the principals of Colbert Lane, LLC. He is now marketing the last 32 acres of the property.