Kolter Group Purchases Development Site From George T. Elmore For $21.875M In Delray Beach
2101 South Congress Avenue
$21,875,000
$42/SF
Building Size
512,452 SF
Asset Type
Development Site
Closing
Jul 17, 2024
AI
The property involved in this transaction is a development site located at 2101 South Congress Avenue in Delray Beach. The sale price was $21,875,000, with a total square footage of 512,452, resulting in a price per square foot of $42.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $21,875,000
- Address: 2101 South Congress Avenue
- Market: Delray Beach
- Square Feet: 512,452
- Price Per Square Foot: $42
- Buyer: Kolter Group
- Seller: George T. Elmore
- Brokers: Michael Lewin & Don Ginsburg - Katalyst Real Estate & Development; Juda Hersh - Hersh Equity Group
This transaction involved notable representatives, with Michael Lewin and Don Ginsburg representing Katalyst Real Estate & Development, and Juda Hersh representing Hersh Equity Group in the deal. The participation of these brokers is critical in facilitating this real estate exchange.
Players
Delray Beach 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
0.73%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93