Fortune International Group Acquires Development Site In Pompano Beach For $27.5M
SOLD
$27,500,000
Florida
See Similar DealsDevelopment Site200,376 SF
Sold 09/30/2020
SOLD
Fortune International Group Acquires Development Site In Pompano Beach For $27.5M
1380 S Ocean Blvd, Pompano Beach, FL 33062, USA
See Similar DealsDevelopment Site200,376 SF
Sold 09/30/2020
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$137
Total Square Footage:200,376 SF
Transaction Type:Sale
Fortune International Group, represented by Edgardo Defortuna, acquired a development site located at 1380 South Ocean Boulevard in Pompano Beach. The seller, Lionheart Capital, was represented by Ophir Sternberg. The transaction took place on September 30, 2020.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $27,500,000
- Address: 1380 South Ocean Boulevard
- Market: Pompano Beach
The development site has a building square footage (BSF) of 200,376, resulting in a price per building square footage (PPBSF) of $137.
Edgardo Defortuna represented Fortune International Group as the buyer, while Lionheart Capital was represented by Ophir Sternberg as the seller. The deal between the two parties marked the successful transfer of ownership for the development site in Pompano Beach.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,466,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$97,701.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$130,364.03
Annual Debt Service$1,564,368.36
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