The Estate Companies Acquires Development Site In West Palm Beach For $15.8M
550 North Rosemary Avenue, West Palm Beach, Florida 33401, United States
$15,800,000
$145/SF
Building Size
108,900 SF
Asset Type
Development Site
Closing
Dec 20, 2021
AI
The Estate Companies, led by Robert Suris and Jeffrey Ardizon, have acquired a development site located at 550 N. Rosemary Ave. in West Palm Beach. The property spans 108,900 square feet and was sold by Antonio Orlando and Jose Rangel for a total of $15,800,000, which translates to a price per square foot of $145.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $15,800,000
- Address: 550 N. Rosemary Ave.
- Market: West Palm Beach
- Buyer: The Estate Companies - Robert Suris & Jeffrey Ardizon
- Seller: Antonio Orlando & Jose Rangel
- Square Footage: 108,900 sqft
- Price per Square Foot: $145
The acquisition was made by The Estate Companies, led by Robert Suris and Jeffrey Ardizon. They successfully completed the transaction to purchase the development site from Antonio Orlando and Jose Rangel. Both parties were represented by their respective brokers or representatives.
Players
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
1.00%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93