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JSB Capital Group and Johnston Group paid $58.5 million for a waterfront rental property on Palm Beach Shores, Fla., with plans to upgrade the property, the joint venture confirmed.
Called Cannonsport, the property, which sits on 2.7 acres, houses 36 apartments and a 54-slip marina at 176 Lake Drive, between Sandal and Blossom lanes, facing the Intracoastal Waterway.
The seller, Nationwide Realty Investors, initially completed the 96,953-square-foot complex as a condo property in 2008. But following the Global Financial Crisis, which decimated South Florida’s real estate market, it held onto property and converted it into rentals. The sale marks the first time the property has sold.
A spokesperson for the Ohio-based seller did not immediately respond to a request for comment.
The buyers will keep the property as a rental for now, but “are currently exploring all of our options,” Ryan Johnston, CEO of Palm Beach Gardens-based Johnston Group, told Commercial Observer.
The joint venture secured a $60 million acquisition and construction loan from S3 Capital. Andy Weiss of Dansker Capital Group arranged the debt.
Palm Beach Shores — a barrier island just north of Palm Beach, one of the wealthiest towns in the country — has long offered cheaper units than its southern counterpart.
But as high-net-worth Northerners relocated to Palm Beach during the height of the pandemic, the area surrounding Palm Beach is seeing a surge in luxury developments from high-profile developers, such as David Martin’s Terra, Stephen Ross’s Related Companies, and Savanna.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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