Kenneth Baboun & Robert Barthelmess Of BGI Capital Acquire Development Site In West Palm Beach For $33M

A development site located at 4720, 4802, and 4804 North Flagler Drive in West Palm Beach has been sold for $33,000,000. The asset spans 2.2 acres and includes a waterfront single-family home as well as 16 condo units, aligning with the plans for luxury condo expansion. This acquisition enhances BGI Capital's portfolio, following their previous purchase of five units in 2023 for $7.9M.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $33,000,000
• Buyer: Kenneth Baboun & Robert Barthelmess - BGI Capital
• Seller: Justo Naranjo, Beatriz Corrales & Nataly Nicole Corrales
• Lender: Linkvest Capital
• Market: West Palm Beach
• Acres: 2.2

Kenneth Baboun and Robert Barthelmess of BGI Capital represented the buyer in this transaction. The properties acquired are strategically located adjacent to BGI's nearly completed Alba Palm Beach tower, furthering their developments in the luxury housing market.