Florida Power & Light Acquires 3,397 Acres Of Land In Myakka City For $30M
73rd Ave E Myakka City, Fl 34251, Usa
$30,000,000
Building Size
—
Asset Type
Land
Closing
Jul 25, 2023
About this deal
AI
Florida Power & Light (FPL) has acquired 3,397 acres of agricultural land in Myakka City for $30 million. The land is located at the intersection of 73rd Avenue East, Juell Gill Road, Wauchula Road, and Roy Moore Road. This significant transaction marks the purchase of a large parcel of land for the development of three solar facilities in Manatee County.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $30,000,000
- Address: 73rd Avenue East, Juell Gill Road, Wauchula Road & Roy Moore Road
- Market: Myakka City
- Acres: 3,397
Florida Power & Light, represented by Armando Pimentel, took the role of the buyer in this transaction. Grove City Investments served as the seller. With two solar facilities scheduled to commence construction this year and the third one planned for 2024, FPL's strategic venture into the renewable energy sector is set to make a significant impact in Manatee County.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93