A lender-owned beachfront property in Jupiter just sold to a foreign investor for $9.75 million, or $812,500 per unit. 3000 Ocean Dr., a 12-unit condo, was completed in 2010 at a cost of $18 million.CBRE marketed the property for sale on behalf of the lender, West Suburban Bank, after it foreclosed on the property in April 2011.
The buyer, a private investor out of Bahrain, purchased the asset under the capital group MHS Real Estate Capital, LLC. CBRE senior vice president Richard Tarquinio, vice chairman Robert Given and director of operations Calum Weaver, worked together to broker the deal.“We’ve done more than 30 of these fractured deals,” Weaver tells GlobeSt.com. “This one really was different because of the quality, the location and the large-sized units. From a price per unit standpoint, 3000 Ocean Dr. has to be among the highest that we’ve seen out there.”