Landstar Development Group Acquires Development Site In Palm Beach Gardens For $69.4M
12200 Northlake Boulevard, Palm Beach Gardens, FL, USA
$69,400,000
$55/SF
Building Size
1,249,401 SF
Asset Type
Development Site
Closing
Jun 14, 2020
AI
Avenir Holdings, represented by David Serviansky, has sold a development site located at 12200 Northlake Boulevard in Palm Beach Gardens. The buyer, Landstar Development Group, was represented by Rosa Schechter. The property spans an area of 445 acres and was sold for a total price of $69,400,000, resulting in a price per acre of approximately $155,955.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $69,400,000
- Address: 12200 Northlake Boulevard
- Market: Palm Beach Gardens
- Buyer: Landstar Development Group - Rosa Schechter
- Seller: Avenir Holdings - David Serviansky
- Acres: 445
- Price per Acre: $155,955
Landstar Development Group, led by Rosa Schechter, acquired the development site from Avenir Holdings, represented by David Serviansky. The transaction involved the sale of 445 acres of land located at 12200 Northlake Boulevard in Palm Beach Gardens for a total price of $69,400,000.
Players
Palm Beach Gardens Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93