The sellers have owned the land on Fowler Avenue and Morris Bridge Road for over 12 years, broker Fran Davin of the Dikman Co. tells GlobeSt.com. Davin negotiated for the selling group, which includes locally based Raymond J. Sever and Nancy Sever, a general partnership; Raymond J. Sever individually; and New York-based TIAA-CREF Trust Co, as custodian of the Dr. Raymond J. Sever IRA Rollover Account.
H&R Florida Properties plans to break ground on the project in March. Dikman's Davin says there were no environmental or governmental challenges to overcome before buyer and sellers closed the deal. The only hurdle the sellers overcame was having the property rezoned for townhome development.
The transaction took seven months to complete, from contract signing to closing. H&R represented itself at the closing. The 20-year-old Dikman Co., headed by Bob Dikman, posts annual average sales of $25 million.
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