Philip Morgan Of The Morgan Group Purchases 8.4 Acres In Deerfield Beach For $12M

The property involved in this transaction is an 8.4-acre development site located at the N/NEC of Northeast 1st Avenue & Northwest 2nd Street in Deerfield Beach. The site has a sale price of $12,000,000, equating to $33 per square foot. It encompasses a total square footage of 365,904 and is zoned for Planned Development District (PDD), with plans for redevelopment into a 320-unit, 6-story multifamily project at a density of 38.09 dwelling units per acre.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,000,000
• Buyer: Philip Morgan - The Morgan Group
• Seller: Partridge Equity Group
• Square Footage: 365,904
• Price Per Square Foot: $33
• Acreage: 8.4

This transaction was facilitated by Philip Morgan representing The Morgan Group as the buyer in the acquisition from Partridge Equity Group. The intent behind this transaction is to demolish the existing buildings on the site for future development under the PDD zoning regulations.