Gate Petroleum sells St. Johns County property for $17.6 million

A D.R. Horton subsidiary purchases the timberland on Race Track Road.

Gate Petroleum sold part of this property along Race Track Road next to Interstate 95.
Gate Petroleum sold part of this property along Race Track Road next to Interstate 95.
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Gate Petroleum sold16.56 acres in St. Johns County on July 15 to a company linked to homebuilder D.R. Horton for $17.6 million.

Through Durbin Creek National LLC, Gate sold the property at 5020 and 5500 Race Track Road to DHIC Durban Park LLC, which is controlled by DHI Communities II LLC of Arlington, Texas.

D.R. Horton of Arlington, Texas, and Michael Mulhall, through 14155 Boggy Creek LLC of Orlando, are listed as officers and directors of DHI Communities II LLC.

Durbin Creek Nation LLC bought the property for $23.79 million in April 2004, according to St. Johns County property records. The property use is listed as timberland.

The property is bounded by U.S. 1 to the northeast, Florida 9B to the west with Interstate 95 traversing the middle of the property.

It has a taxable value of $2,347,852.

 

 

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