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375 South County Road

CS Ventures Acquires Palm Beach Commercial Building For $18.3M
SOLDCommercial

CS Ventures Acquires Palm Beach Commercial Building For $18.3M

375 South County Road

$18,336,000

$916/SF

Building Size

20,000 SF

Asset Type

Commercial

Closing

Jul 13, 2023

AI

The Palm Beach building housing BrickTop's restaurant has been sold for over $18 million to CS Ventures. The property, located at 375 South County Road, is a commercial building with a total square footage of 20,000. The sale price amounts to $917 per square foot, reflecting the demand and value of the property in the Palm Beach market.

Summary of transaction details

  • Property Type: Commercial
  • Transaction Amount: $18,336,000
  • Address: 375 South County Road
  • Market: Palm Beach

CS Ventures, represented by Spencer Schlager and Charles L. Rosenberg, acquired the property from Mark Hunt. The transaction was facilitated by Zachary Baraf from The Stanwich Group, who served as CS Ventures' broker. As the new owners, CS Ventures plans to renovate the second-floor offices while retaining the existing ground-floor tenants, including BrickTop's.

Players

Zachary Baraf

Broker

$71.7M

vol

4 deals

Broker
Spencer Schlager

Spencer Schlager

CS Ventures

Buyer

$244.8M

vol

13 deals

Buyer

Mark Hunt

Seller

$31.1M

vol

2 deals

Seller

Miami Commercial Market Snapshot

Boundary boundary · Commercial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.87%

Cash-on-Cash

-0.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93