The sales price was not disclosed but the asking price was$47,000 per acre or nearly $3.8 million. Representatives fromShorewood Properties did not return phone calls requesting aninterview.


Noel Liston, principal of Darwin Realty & Development Corp.,represented the seller and buyer in the transaction. Shorewoodbought the land with plans for a retail and residential developmentto be constructed at the site, Liston says. "The property wasprimarily bought as an investment," he says. Shorewood Propertieswill put in the utilities and the infrastructure at the site andmay, then, develop the parcel or sell it to a developer, Listontells The property will likely have retail and anapartment complex, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.