August 5, 2015
CBD Real Estate Investment LLC was the winning bidder of a 19.7 acre property located on Pearce Road in Auburndale, Polk County Florida. The auction, held by Lakeland based Higginbotham International LLC, was hosted at the Auburndale Yacht Club. CBD emerged as the successful bidder at an overall price of $325,050. The seller was The Estate of Mary Sonanstine, closing is expected to be held on August 18, 2015.
CBD will combine this property to the 23.5 acres it is contracted to buy immediately north of the subject site. “Berkley Ranch”, the name of the newly combined property, is expected to be the future location of 90 single family homes. The addition of this newly contracted 19.7 acres will add approximately 79 additional lots to Berkley Ranch.
With the August 2014 opening of the Polytechnic University and the recent expansion of Highway 559, 559A and the Polk County Parkway, Berkley Ranch will be a extremely well located and desirable development site for a mid size builder. CBD plans to initiate site approvals during the fourth quarter 2015 and have the land ready for development by the second quarter 2016.