Rick Rupp Sells Agriculture Acreage for Future Development for $2.1 Million

FOR IMMEDIATE RELEASE

Photo of Rick Rupp

Rick Rupp

LAKELAND, FL June 15, 2011 – Coldwell Banker Commercial Saunders Real Estate (CBCSRE) in Lakeland, FL, announces the recent sale of 62.77+/- acres located on the NW Corner of County Line Road and Rice Road in Plant City, FL. The CBCSRE licensed real estate sales associate who handled the deal is Rick Rupp, Realtor®.

The property sold for $2,100,000 and was on the market for approximately 10 months. BB&T Bank sold the property to the buyer, Central Florida Development.

Currently an agricultural property, it is approved for industrial use or business park with 950,000 SF of improvements, including allowed office uses. Agricultural uses are permitted in the interim. Prior to the sale, the land was being used for strawberry farming (20+/- acres) and grazing pasture/farm crop acreage (25+/- acres).

The short-term plan for the property is to continue leasing part of the acreage for strawberry production, hay production, and cattle grazing. The 6 single-family homes and 3,200 SF warehouse building will be used to generate annual lease income.

The long-range plan will be to lease the acreage or lease build-to-suit buildings for various light industrial applications.

About Coldwell Banker Commercial Saunders Real Estate

Coldwell Banker Commercial Saunders Real Estate (CBCSRE) is regarded as an authority on all types of Florida land and conservation easements, transacting over $1 billion in sales from 1996 through 2013. Offering land, forestry, and conservation easement real estate services through CBC Saunders Real Estate and the CBC Saunders Real Estate |Forestry Group, the Saunders team of land professionals and foresters offers advisory and transactional services through the home office in Lakeland, FL, the North Florida office in High Springs, FL, and its network of Coldwell Banker Commercial affiliate offices nationwide and worldwide. We provide services to land and commercial clients through both CBCSRE and our commercial real estate brokerage, Coldwell Banker Commercial Saunders Ralston Dantzler Realty.