Updated Dec 4, 2024
Richbuilt Construction Acquires Development Site From Farrell Communities Banyan Bay For $4 Million
South Kanner Highway
$4,000,000
$7/SF
Building Size
519,235 SF
Asset Type
Development Site
Closing
Aug 26, 2024
About this deal
AI
This development site located at 5590 Kanner Highway in Stuart was sold for $4,000,000. The property encompasses a total square footage of 519,235, resulting in a price per square foot of $7.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,000,000
- BSF: 519,235
- PPBSF: $7
- Buyer: Richbuilt Construction
- Seller: Farrell Communities Banyan Bay
- Brokers: Nikolaus Schroth, Jeff Allman Jr & James McKinney - NAI Southcoast
- Date of Sale: 08/26/2024
The transaction involved key representatives from NAI Southcoast, specifically Nikolaus Schroth, Jeff Allman Jr, and James McKinney, who played significant roles as the brokers in this deal. Their efforts facilitated the successful transaction between Richbuilt Construction and Farrell Communities Banyan Bay.
On the Map
$4,000,000
$7/SF
Development Site
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Players
Stuart 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
3.97%
Cash-on-Cash
-1.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93