The property, located about one mile north of Interstate-10 between U.S. Highway 31 and Alabama Highway 59, was originally purchased eight years ago for about $9,000 per acre, or roughly $12.93 million, and was part of a larger 3,900-acre tract slated to become a planned unit development.
The Golden Triangle’s owners have since sold nearly 2,500 on the southern side to Fish River LLC and the remainder on the northern side to Fortuna Investments LLC, representing Loxley Triangle LLC.
Nathan Cox of Bellator Real Estate & Development, who represented the Gulf Coast Opportunities Fund in the most recent transaction, said the sale leaves Fish River with a balance of 1,471 acres and none of the three groups have any affiliation with one another.
Cox said the GCOF has no immediate plans for the property and Southern Land Title Inc. handled the closing.
It was not immediately clear how the GCOF purchase could alter Fish River’s proposed Stonebridge planned unit development. Plans filed with the town of Loxley indicated as many as 5,865 homes could be built on Stonebridge’s 2,909 acres while also offering room for office space and apartment buildings, but the GCOF purchase almost cuts the available acreage in half.
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