MP to acquire Cape Coral property
MP to acquire Cape Coral property
Minnesota Power, Inc. has announced that a real estate subsidiary will acquire from a subsidiary of Avatar Holdings, Inc. a portfolio of residential, commercial and recreational properties in Cape Coral, Florida.Adjacent to Fort Myers, the Cape Coral assets involve approximately 2,500 acres of commercially and residentially zoned land, including home sites, a golf resort, marina, shopping center and commercial buildings.
"Acquisition of these properties will further augment our Florida real estate portfolio and should position us to contribute steadily to overall corporate earnings well into the next century," said Donnie Crandell, executive vice president and president of Minnesota Power's Real Estate Holdings.
Crandell noted that part of the $45 million acquisition is subject to state regulatory approval and includes assumption of certain subdivision development obligations. Closing of the transaction is expected in June 1999, he said.
Minnesota Power's other Florida real estate assets include holdings in Lehigh, Palm Coast and Sugarmill Woods. The Florida real estate portfolio is part of Minnesota Power's investments business segment. The Duluth-based company is a diverse services business and also has interests in electric utility operations, automotive services and water and wastewater activities.