Rebecca Shelton Of Boynton Beach CRA Acquires Inn At Boynton Beach From Ajit Asrani For $8.1M

The asset involved in this transaction is a hotel located at 480 West Boynton Beach Boulevard in Boynton Beach. The sale price of the property was $8,100,000. This hotel site spans 2.11 acres and has a total square footage of 48,000, resulting in a price per square foot of $169.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $8,100,000
• Address: 480 West Boynton Beach Boulevard
• Market: Boynton Beach
• Acres: 2.11
• Square Footage: 48,000
• Price Per Square Foot: $169
• Buyer: Rebecca Shelton - Boynton Beach Community Redevelopment Agency (CRA)
• Seller: Ajit Asrani - Irache Partners LLC

The transaction involves Rebecca Shelton representing the Boynton Beach Community Redevelopment Agency (CRA) as the buyer, while Ajit Asrani is the seller, representing Irache Partners LLC. The Boynton Beach CRA's intention is to demolish and redevelop the property, which has raised discussions among officials regarding price and fiscal responsibility.