Toll Brothers has purchased an 11-acre property located at 3900 Sherwood Boulevard in Delray Beach, Florida, for $8.5 million. The property was previously home to the Christ the King Monastery of St. Clare. Toll Brothers plans to develop approximately 34 high-end luxury homes on the site, deviating from the previous unsuccessful attempt by TL Management to rezone it for a nursing home.

Summary of transaction details

• Property Type: Church
• Transaction Amount: $8,500,000
• Date: 12/21/2023
• Market: Delray Beach
• Address: 3900 Sherwood Boulevard
• Buyer: Toll Brothers - Douglas Yearley Jr
• Seller: TL Management - Benjamin Reisman
• Broker: Simon Lipton - Monopoly Real Estate Group

Toll Brothers, a Pennsylvania-based developer, made the acquisition of the 11-acre property. The buyer was represented by Douglas Yearley Jr. from Toll Brothers. The seller, TL Management, was represented by Benjamin Reisman. Simon Lipton from Monopoly Real Estate Group acted as the broker in the transaction.