Elevate Partners Acquires 70 Acre Development Site In Fort Myers For $21.9M
SOLD
$21,970,097
Florida
See Similar DealsDevelopment Site
Sold 02/24/2022
SOLD
Elevate Partners Acquires 70 Acre Development Site In Fort Myers For $21.9M
1100 Colonial Boulevard, Fort Myers, Florida 33966, United States
See Similar DealsDevelopment Site
Sold 02/24/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
The sale of a development site in Fort Myers has recently taken place at 1100 Colonial Boulevard. The property, spanning 70 acres, was sold for a total of $21,970,097. The transaction was finalized on 02/25/2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $21,970,097
- Address: 1100 Colonial Boulevard
- Market: Fort Myers
- Buyer: Elevate Partners, LLC
- Seller: Summit Properties SW, LLC
- Buyer's Representative: Bill McGee III - Berger Commercial Realty/Corfac International
- Seller's Representative: Brandon Delanois - JLL
Bill McGee III, representing the buyer Elevate Partners, LLC, played a key role in facilitating the sale. On the other side, Brandon Delanois, representing Summit Properties SW, LLC, acted as the seller's representative in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,171,738.50
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$78,055.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,149.47
Annual Debt Service$1,249,793.62
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