Landstar Development Group Acquires 857 Acres Of Land In Palm Beach Gardens For $56.7M
SOLD
$56,700,000
Florida
See Similar DealsSold 01/23/2023
SOLD
Landstar Development Group Acquires 857 Acres Of Land In Palm Beach Gardens For $56.7M
Northlake Blvd, Palm Beach Gardens, Florida 33403, United States
See Similar DealsSold 01/23/2023
Summary
FLORIDA
Transaction Type:Sale
A land parcel spanning 857 acres located at the intersection of Northlake Boulevard and Avenir Drive in Palm Beach Gardens has been sold. The sale took place on January 23, 2023, for a total price of $56,700,000. The property, represented by David Serviansky, was purchased by Landstar Development Group and Avenir Holdings.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $56,700,000
- Address: Northlake Boulevard & Avenir Drive, Palm Beach Gardens
- Market: Palm Beach Gardens
- Acres: 857
David Serviansky, in representation of Landstar Development Group, played a pivotal role in the acquisition of this expansive land parcel. Collaborating with Avenir Holdings, the buyers closed the deal, marking an important transaction in the Palm Beach Gardens market.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,024,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$201,443.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$268,786.93
Annual Debt Service$3,225,443.12
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