AKA Hotel Leases 1800 Square Feet Space At 695 S Olive Ave West Palm Beach
695 S Olive Ave, West Palm Beach, FL...
Building Size
1,800 SF
Asset Type
Hotel
Closing
Nov 20, 2023
AI
The property involved in this transaction is an 1,800-square-foot space located at 695 S Olive Ave, West Palm Beach, FL, within the West Palm Beach market. It is part of the AKA Hotel, which consists of 215 hotel rooms and offers on-site parking for its retail and restaurant spaces.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Address: 695 S Olive Ave, West Palm Beach, FL
- Square Feet: 1800
- Landlord: AKA Hotel
- Landlord's Representative: Kaley Tuning & Jaime Sturgis - Native Realty
- New Tenant: EggBar
- Tenant’s Representative: Roy Assad
- Opening Dates: AKA Hotel scheduled to open in December 2022; EggBar plans to open in summer 2023
- Nearby: Proximity to Rosemary Square, City Place, and Brightline high-speed rail station
The deal features representatives from Native Realty, including CEO Jaime Sturgis, Sales Director Kaley Tuning, and Senior Associate Sara Dorfman, who facilitated the agreement for EggBar's lease. The new restaurant concept will join The Blind Monk at the AKA Hotel, adding to the food and beverage offerings in the area.
Players
West Palm Beach Hotel Market Snapshot
Boundary boundary · Hotel · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93