Updated Dec 4, 2024
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
About this deal
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.
On the Map
$21,875,000
$42/SF
Development Site
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Delray Beach Development Site Market Snapshot
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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