In 2008, a housing development was constructed with the intention of being fee simple condos. However, due to the recession, the owners were forced to change their plans and convert The Cannonsport’s 36 units into apartments. Along with its marina consisting of 54 slips, these apartments have been in operation for over a decade.
Recently, JSB Capital Group and Ryan B. Johnson acquired both the apartment units and marina on Singer Island in Palm Beach Shores for $58.5 million – marking its first sale since it was built. According to reports from South Florida Business Journal , S3 RE Cannonsport Funding provided a loan worth $60 million to facilitate this purchase while Nationwide Realty Investors acted as seller.
The development spans across an area of 2.36 acres and boasts a total square footage of 96,953 square feet . The range of unit sizes at Cannonsport varies from two-bedroom options spanning over1 ,823 square feet up until larger ones that cover an area as big as2 ,650 square feet .
This recent transaction marks another significant milestone in Palm Beach Shore’s real estate market – showcasing promising growth opportunities for investors looking towards this region.
