A large chunk of the site of the planned Highland Dunes development within Palm Beach Aggregates changed hands in a $77 million transaction.
Highland Dunes Associates Property acquired about 813 acres of the rock mining site in a deal recorded last Thursday, according to Palm Beach County records. The Boston mailing address of Freehold Capital Management is listed as the buying company’s address in the deed. The address of Highland Dunes Associates’ managing member in state corporate records matches the Newport Beach, Calif. headquarters of Pacific Investment Management Company (or PIMCVO), however.
PBA Holdings sold the land to Highland Dunes Associates. No financing was recorded.
Palm Beach commissioners approved the development of up to 2,000 homes on more than 1,209 acres within Highland Dunes in October 2013.
Source: The Real Deal