Palm Beach Shores Waterfront apartments and marina sell for $59M

The Cannonsport apartments and the adjoining marina on Singer Island in Palm Beach Shores sold for $58.5 million.

Cannonsport Condominium LLC and CNRI-Cannonsports LLC, both affiliates of Columbus, Ohio-based Nationwide Realty Investors, sold the 36 apartments at 176 Lake Drive and the 54-slip marina to PBS Condominium LLC, PBS Marina LLC and Marina Parcel B, managed by Jay L. Lobell of Baltimore-based JSB Capital Group and Ryan B. Johnson of Palm Beach Gardens-based Johnston Group.

S3 RE Cannonsport Funding provided a $60 million loan to the buyer. Property data firm Vizzda confirmed the buyer and seller information.

However, the actual purchase price may have been higher than $58.5 million to account for assets not related to real estate, such as equipment at the marina.

Totaling 96,953 square feet, Cannonsport was developed on the 2.36-acre site in 2008 with plans to make it a condo. However, the financial crisis that year made it difficult to sell condos across South Florida, so Cannonsport became a rental. This is the first time it has sold.

Units in Cannonsport range from 1,823 square feet with two bedrooms to 2,650 square feet with three bedrooms. Amenities include a pool.

The apartments were marketing to buyers who are fans of fishing, as it’s in a great location to boat into the Atlantic Ocean and head to the Bahamas.