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Stephen Ross Of Related Ross Acquires Development Site In West Palm Beach For $7.5M
SOLD
$7,500,000
Florida
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Sold
SOLD
Stephen Ross Of Related Ross Acquires Development Site In West Palm Beach For $7.5M
209 North Sapodilla Avenue
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Sold
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
A development site spanning 2.95 acres was sold in West Palm Beach, comprising parcels located at 209-210 North Sapodilla Avenue and 755 2nd Street. The transaction amount was $7,500,000, indicating strong investment activity in the region.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,500,000
- Buyer: Stephen Ross - Related Ross
- Seller: Jeff M. Householder - Florida Public Utilities
- Market: West Palm Beach
- Acres: 2.95
The transaction involved Related Ross, led by billionaire Stephen M. Ross, acquiring the property from Florida Public Utilities. This purchase positions Related Ross adjacent to a future 47,240-square-foot Publix site, which is conducive to the planning of a larger grocery development in the area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$400,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$26,645.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,553.83
Annual Debt Service$426,645.92
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