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695 S Olive Ave, West Palm ...

AKA Hotel Leases 1800 Square Feet Space At 695 S Olive Ave West Palm Beach
LEASEDHotel

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

Jaime Sturgis

Native Realty

Broker

$243M

vol

48 deals

Broker

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