Real Estate Firm buys land for 15M

A Jacksonville real estate firm and its private equity partner have purchased 1,800 acres near U.S. 301 in Clay County for $15 million.

Hassan & Lear Acquisitions Ltd. Monday announced the acquisition of the site, bordered to the south by Camp Blanding and the east by Jennings State Forest.

It sits near 2,800 acres that will be developed into The Highlands, a master planned community located just south of the intersection of U.S. 301 and Country Road 218.

The purchase was the Jacksonville company's first with private equity firm The Carlyle Group under the joint venture name CRP/HLV Program I LLC. Carlyle put up $50 million of equity capital and Hassan & Lear committed $9 million to the joint venture, according to the announcement.


SOURCE Jacksonville.com