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1460 Cherry Road, West Palm...

Sanjay Patel, Neal Patel & Hiren Patel Acquire Self Storage Property In West Palm Beach For $8.8M
FINANCED

Sanjay Patel, Neal Patel & Hiren Patel Acquire Self Storage Property In West Palm Beach For $8.8M

1460 Cherry Road, West Palm Beach, Florida 33409, United States

$8,800,000

$65/SF

Building Size

135,000 SF

Asset Type

Closing

Jan 16, 2022

AI

A self storage property located at 1460 Cherry Road in West Palm Beach has been recently involved in a closed transaction. The property boasts a total area of 135,000 square feet and is categorized as a self storage asset. This transaction took place on January 17, 2022.

Summary of transaction details:

  • Property Type: Self Storage
  • Transaction Amount: $8,800,000
  • Address: 1460 Cherry Road, West Palm Beach
  • Market: West Palm Beach
  • Landlord: Sanjay Patel, Neal Patel, and Hiren Patel - MHG Hotels
  • Loan Type: New Construction Loan

The key individuals and companies involved in this transaction include the landlords, Sanjay Patel, Neal Patel, and Hiren Patel, who represent MHG Hotels. They own the property and are responsible for managing it. Additionally, it is worth noting that more information about this property and the landlords can be found on the website of MHG Hotels www.mhghotelsllc.com.

Players

Sanjay Patel

MHG Hotels

Landlord

$99.8M

vol

9 deals

Landlord

West Palm Beach CRE Market Snapshot

Boundary boundary · CRE · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.80%

Cash-on-Cash

-0.52%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93