Wallace's LaBelle Land Being Foreclosed
LABELLE, FL. -- Longtime Hendry county real estate developer Kenneth A. Wallace is being sued by the Synovus Bank, formerly known as First Florida Bank, to foreclose on three land parcels in the LaBelle area.
The bank has named Wallace, Kenton Industries, Inc.; K.A.Wallace, Inc.; Walrok, Inc.; Waltek Car Wash Systems, LLC.; and Anthony J. Gargano as defendants in the foreclosure suit to recover mortgaged property. Gargano, a Fort Myers real estate attorney and investor, owns Hendry river front property in the Old Fort Denaud subsivision off Ft. Denaud Road in western Hendry county.
One seven acre parcel being foreclosed is in the city of LaBelle on East Lincoln Avenue, a vacant industrial site valued at about $211,000 by the Hendry Property Appraiser. The land sold for $220,000 in 2004 and Wallace bought it and two other parcels, now under the mortgage being foreclosed for $400,000 in 2006. A 2nd parcel is a home on an acre at 463 E. Lincoln Avenue. zoned for single family homes and valued now at about $120,000.
The 3rd and most valuable asset being foreclosed is a 5 acre parcel just east of the LaBelle Municipal Airport at 1477 Forestry Division Road. Valued at about $1.5 million, includes a 25,000 square foot manufacturing plant.
Wallace and investment partner Dr. Markus Sherry, a dentist, operating as Kenmark Properties, LLC, had in January 2010 deeded to the lender Sand Capital XI, LLC the mostly vacant dental office/store building at 813 E Hickpochee Avenue. The $1,000,000 building, built in 2008 by Wallace was pledged as part of a $2.4 million mortgage. The mortgage was originally owned by First Florida Bank who sold it to Sand Capital.