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370 Eucalyptus Street, West...

James Geleerd Acquires Development Site In West Palm Beach For $18.82M
SOLDDevelopment Site

James Geleerd Acquires Development Site In West Palm Beach For $18.82M

370 Eucalyptus Street, West Palm Beach, Florida 33401, United States

$18,820,000

Building Size

Asset Type

Development Site

Closing

Dec 14, 2021

AI

A development site located at 370 & 375 Eucalyptus St in West Palm Beach has been sold. The property spans approximately 2.25 acres and was sold for a total of $18,820,000 on December 14, 2021.

Summary of transaction details

James Geleerd from Tortoise Properties served as the buyer in this transaction, while Cypress Realty Florida represented by Nader Salour and Cypress Real Estate Advisors acted as the seller. The buyer was represented by Susan Thomas and Robert Anderson from Touchstone Webb, and the seller was represented by Marcia Langley, Charles Abrams, Tracy Lautenschlager, and Laura Maxwell from Greenberg Traurig.

Players

Susan Thomas

Touchstone Webb

Broker

$18.8M

vol

2 deals

Broker
TP
Tortoise PropertiesBuyer

West Palm Beach 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

0.84%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93