Park Ridge, Ill.-based Land and Lakes Development Co. recently purchased an 86.42-acre site at 5930 104th St. in Pleasant Prairie for $700,000. The property is vacant and is located north of Highway 165 between two residential subdivisions.
The property was sold by North Shore Bank, which had taken the property back from the previous owner, DJS Ventures Inc., which had planned a residential development for the site prior to the collapse of the U.S. housing market.
Andrew Stefanich and Sandy Golden of CB Richard Ellis represented North Shore Bank in brokering the sale.
“This is a buy and hold,” for Land and Lakes, Golden said. The company is taking advantage of the weak real estate market to purchase the site for a future development, she said.
Representatives for Land and Lakes could not be reached for comment.
Land and Lakes Development Co., formerly Poplar Ridge Estates Development Co., was established in 1990. The firm owns, or is in control of, more than 3,000 acres in the greater metropolitan Chicago area. The firm specializes in the development of residential, commercial and industrial real estate properties.
The firm’s web site says it “continues to seek development opportunities in Illinois, Indiana and Wisconsin.”
Land and Lakes was the developer for the 200-acre Village Green Heights residential development in Pleasant Prairie.
