SOLD
Efstathios Tsatas & Nicolas Tsatas Acquire Development Site In Pompano Beach For $9.5M
330 Southeast 1st Avenue
Development Site
Sold 27 days ago
Summary
Sale
FLORIDA
Development Site
The development site at 330 Southeast 1st Avenue in Pompano Beach, spanning 1 acre, was recently sold for $9,500,000. The property was acquired by Canadian developers Efstathios Tsatas & Nicolas Tsatas for their second project in Pompano Beach, a condo-hotel. The site is approved for a 21-story tower featuring 240 condo-hotel units and commercial space.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,500,000
- Buyer: Efstathios Tsatas & Nicolas Tsatas
- Seller: James Bircher
- Market: Pompano Beach
- Address: 330 Southeast 1st Avenue
- Asset Type: Development Site
- Acres: 1
The Canadian developers' entity secured $3.5 million in seller financing for the acquisition. The seller, managed by James Bircher, originally obtained the property through a foreclosure auction in 2021 for $3 million. Efstathios and Nicolas Tsatas continue to expand their real estate portfolio in Pompano Beach with this recent purchase.
Details
SOLD
IMAGE: 04/11/2024
ADDRESS: 330 Southeast 1st Avenue
MARKET: Pompano Beach
ASSET TYPE: Development Site ~ ACRES: 1
BUYER: Efstathios Tsatas & Nicolas Tsatas
SELLER: James Bircher
SALE PRICE: $9,500,000
NOTE: Canadian developers Efstathios and Nicolas Tsatas are expanding their Pompano Beach portfolio with a second project, a condo-hotel. Their entity acquired a 1-acre site at 330 Southeast First Street, already approved for a 21-story tower with 240 condo-hotel units and commercial space. The Tsatas' entity purchased the site for $9.5 million, securing $3.5 million in seller financing, while the seller, managed by James Bircher, obtained the property through a foreclosure auction in 2021 for $3 million.View on map
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Address330 Southeast 1st Avenue
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