Wellington Acquires Development Site In Palm Beach For $29M
3440 Gene Mische Way, Wellington, Palm Beach, FL, USA
$29,000,000
$25/SF
Building Size
1,132,560 SF
Asset Type
Development Site
Closing
Nov 19, 2019
AI
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.
Players
Wellington 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
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93