Updated Oct 28, 2024
The Ronto Group & Wheelock Street Capital Acquire Development Site In Naples For $167.5M
1601 Gulf Shore Blvd N, Naples, FL, USA
$167,500,000
$732/SF
Building Size
228,690 SF
Asset Type
Development Site
Closing
Nov 15, 2021
About this deal
AI
The Ronto Group and Wheelock Street Capital have acquired a development site in Naples, located at 1601 Gulf Shore Blvd N. The property spans approximately 228,690 square feet, with a sale price of $167,500,000, resulting in a price per square foot of $732. The building square footage is recorded at 320,000, translating to a price per building square foot of $523.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $167,500,000
- Address: 1601 Gulf Shore Blvd N
- Market: Naples
The transaction for this development site was facilitated by Manny De Zarraga, Maurice Habif, Chris Drew, Simon Banke, and Jo Rousseau of JLL Capital Markets.
On the Map
$167,500,000
$732/SF
Development Site
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Players
Naples 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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93