October 25, 2015
CBD Real Estate Investment LLC announces that it has entered into an agreement of sale to purchase an 82 acre orange grove located off of Campbell Drive and Dr Welch Road in Dundee, Polk County, Florida. This property is currently approved for 272 single family detached home sites, and is known as “The Estates at Vista Ridge.”
CBD will rename the property “The Groves at Lake Annie.” There are no immediate plans to change the existing approvals, and, construction is not anticipated to start on site until the fourth quarter 2016. The property is being purchased from an affiliate of Saunders Realty of Lakeland Florida for an all cash price of $1,210,000. Closing is anticipated to occur in the first quarter of 2016.
The Groves at Lake Annie LLC will be the new owner of the land and will make a significant investment in the existing grove to increase productivity while it waits for the local land values to rise. Currently the grove is at less than 50% productivity and CBD will investment roghly $100,000 to replenish trees, fertilize and insecticide the land in hopes to increase the quantity and value of the citrus.
“This is a beautiful property with easy access to HIghway 27 and all of Central Florida. The views of Lake Annie are spectacular. Eventually this property will be the home for 272 families”, said David Waronker, President of CBD. Dundee is known as the “Orange Growing Capital of World and offers some of the most beautiful land in all of Florida.