Richman Group Acquires Development Site In Palm Beach Gardens From Catalfumo Companies For $20.5M
SOLD
$20,475,000
+ 1
Florida
See Similar DealsDevelopment Site157,252 SF
Sold 12/29/2021
SOLD
Richman Group Acquires Development Site In Palm Beach Gardens From Catalfumo Companies For $20.5M
4001 Design Center Drive, Palm Beach Gardens, Florida 33410, United States
See Similar DealsDevelopment Site157,252 SF
Sold 12/29/2021
+ 1
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$130
Total Square Footage:157,252 SF
Transaction Type:Sale
The development site located at 4001 Design Center Drive in Palm Beach Gardens has been sold for a sale price of $20,475,000. The property spans a land area of 157,252 square feet, resulting in a price per square foot of $130. With a total area of 3.61 acres, the price per acre stands at $5,671,745.
Summary of transaction details
- Property Type: Development Site
- Sale Price: $20,475,000
- Land Area: 157,252 square feet
- Price per Square Foot: $130
- Total Acres: 3.61
- Price per Acre: $5,671,745
The buyer of this development site is the Richman Group, while the seller is Catalfumo Companies. The transaction was facilitated by brokers Simon Banke, Maurice Habif, Manny De Zarraga, and Luca Victoria of JLL.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,092,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$72,743.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$97,061.95
Annual Debt Service$1,164,743.35
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