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Scott Kerner & Steven Newman Of Sanborn RE LLC Acquire Development Site In Boca Raton For $10M
SOLD
$10,000,000
Florida
See Similar DealsDevelopment Site
Sold 03/24/2026
SOLD
Scott Kerner & Steven Newman Of Sanborn RE LLC Acquire Development Site In Boca Raton For $10M
100 Northeast 1st Avenue
See Similar DealsDevelopment Site
Sold 03/24/2026
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The property involved in the transaction is a development site located at 100 Northeast 1st Avenue in Boca Raton, comprising 0.31 acres. The sale price for this asset was $10,000,000 and is intended for the development of an eight-story, 44,000 square foot private members club, which is currently pending city approval.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,000,000
- Address: 100 Northeast 1st Avenue
- Market: Boca Raton
- Acres: 0.31
- Buyer: Scott Kerner & Steven Newman - Sanborn RE LLC
- Seller: Jennifer M. Shea - The Jacqueline T. Higgins Revocable Trust
Scott Kerner and Steven Newman, representing Sanborn RE LLC, are acquiring the property from Jennifer M. Shea, who represents The Jacqueline T. Higgins Revocable Trust. The development aims to cater to the demand for exclusive lifestyle amenities in South Florida, with plans to incorporate dining, wellness, and hospitality features targeting high-end residents and investors.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22
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