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Last Updated: December 3, 2012 09:32am ET

FirstBank Finds Buyer for Stalled Development Site

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MIAMI-FirstBank Puerto Rico has found a buyer for a stalled development site situated in Miami-Dade County at an 81% discount. The bank, which has been holding the property for two years, sold it to Strawberry Fields of Kendall, managed by Karl Wiegandt and G. Lynn Chaffin, for $487,500.

The bank took the property, located at 12808-12889 S.W. 246th St., in 2010 after foreclosing on the property's $2.5-million mortgage. R&E at Palm Vista II, the previous owner, planned to construct 92 homes on the site. For the full story, go to South Florida Business Journal . News Hub is your link to relevant real estate and business stories from other local, regional and national publications.

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