Publix Acquires Development Site In Fort Lauderdale For $10M
2985 North Ocean Boulevard, Fort Lauderdale, FL, USA
$10,000,000
$1,893/SF
Building Size
5,280 SF
Asset Type
Development Site
Closing
Apr 4, 2021
AI
Publix has recently acquired a development site located at 2985 North Ocean Boulevard in Fort Lauderdale. The site, encompassing 1.4 acres, was sold for a price of $10,000,000. The transaction took place on April 5, 2021, making it a noteworthy sale in the local market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $10,000,000
- Address: 2985 North Ocean Boulevard, Fort Lauderdale
- Market: Fort Lauderdale
- Buyer: Publix - Todd Jones & Kevin Murphy
- Seller: Preste Corp, Royal Quality Homes of Florida & Ocean Reef Investments
- Acres: 1.4
- Price per Acre (PPA): $7,142,857
The buyer, Publix, was represented by Todd Jones & Kevin Murphy in this transaction. On the selling side, Preste Corp, Royal Quality Homes of Florida, and Ocean Reef Investments were involved. The sale of this development site signifies a significant investment in the Fort Lauderdale market, highlighting its potential for further growth and development.
Fort Lauderdale Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93