Wellington Acquires Development Site In Palm Beach For $29M
SOLD
$29,000,000
Florida
See Similar DealsDevelopment Site1,132,560 SF
Sold 11/20/2019
SOLD
Wellington Acquires Development Site In Palm Beach For $29M
3440 Gene Mische Way, Wellington, Palm Beach, FL, USA
See Similar DealsDevelopment Site1,132,560 SF
Sold 11/20/2019
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$25
Total Square Footage:1,132,560 SF
Transaction Type:Sale
Mark Bellissimo and John Ingram have acquired a development site in Palm Beach for a total price of $29,000,000. The site, located at 3440, 3462, 3510 Gene Mische Way, spans an area of 26 acres.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $29,000,000
- Address: 3440, 3462, 3510 Gene Mische Way
- Market: Palm Beach
- Seller: Pierwell Properties LLC - John Ingram
- Buyer: Wellington - Mark Bellissimo
- Acres: 26
This acquisition was made by Mark Bellissimo on behalf of Wellington. John Ingram represented the seller, Pierwell Properties LLC, in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,546,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$103,030.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$137,474.80
Annual Debt Service$1,649,697.54
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