Jerad Graham And Stefanie Leonel Of Kastelo Development Acquire Development Site In Delray Beach For $3.8M

The asset involved in this transaction is a development site located at 102 Southeast 5th Avenue in Delray Beach, which was sold for $3,800,000. The site spans approximately 15,254 square feet, leading to a price per square foot of $249.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,800,000
• Address: 102 Southeast 5th Avenue
• Market: Delray Beach
• Square Footage: 15,254
• Price Per Square Foot: $249
• Buyer: Jerad Graham & Stefanie Leonel - Kastelo Development; Juan Fernando Andonie - 4TRO Development
• Broker: Alan Grobman - eXp Commercial

The joint venture led by Jerad Graham, Stefanie Leonel, and Juan Fernando Andonie plans to develop eight townhouse-style units on the 0.35-acre site. This location is strategically positioned one block south of Atlantic Avenue and east of the railroad tracks, providing access to the marina, beaches, and the shopping and dining options along Atlantic Avenue.