Updated Aug 12, 2026
Harvey Hernandez Of Newgard Development Group Acquires 2.6 Acre Development Site In West Palm Beach For $10.5M
2500 North Florida Mango Road
$10,500,000
Building Size
—
Asset Type
Development Site
Closing
Aug 11, 2026
About this deal
AI
The property at 2500 North Florida Mango Road in West Palm Beach, FL, encompasses a development site of 2.6 acres. The site has been acquired for $10,500,000. This asset is intended for the establishment of Newgard Development Group’s inaugural luxury automotive lifestyle concept, which will feature 20 privately owned automotive studios along with hospitality, wellness, recreation, and coworking amenities.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,500,000
- Buyer: Harvey Hernandez - Newgard Development Group
- Asset Size: 2.6 acres
- Address: 2500 North Florida Mango Road
- Market: West Palm Beach, FL
Newgard Group affiliate PB Vaults Development LLC is the entity behind the acquisition of the property, marking a significant step in the development of their unique automotive lifestyle concept.
On the Map
$10,500,000
Development Site
View full map
West Palm Beach Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Deal FAQ
Browse West Palm Beach development site sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.51%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93