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Northlake Blvd, Palm Beach ...

Landstar Development Group Acquires 857 Acres Of Land In Palm Beach Gardens For $56.7M
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

$56,700,000

Building Size

Asset Type

Closing

Jan 23, 2023

AI

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

AH
Avenir HoldingsBuyer

West Palm Beach CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.28%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93