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Reich Brothers Acquires Industrial Property In Merritt Island For $27.7M

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SOLD
$27,700,000

Florida

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Industrial300,017 SF
Sold 06/13/2024
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SOLD

Reich Brothers Acquires Industrial Property In Merritt Island For $27.7M

100 Sea Ray Drive

See Similar Deals
Industrial300,017 SF
Sold 06/13/2024
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Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$92
Total Square Footage:300,017 SF
Transaction Type:Sale

The industrial property located at 100 Sea Ray Drive in Merritt Island was sold in a closed transaction. The sale price was $27,700,000, matching the initial asking price. The asset spans 300,017 square feet, equating to a price per square foot of $92. The deal involved Reich Brothers as the buyer and Adam Arnott as the seller. Representing both parties was Jose Montero from The Hype Real Estate Group.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $27,700,000
  • Address: 100 Sea Ray Drive
  • Market: Merritt Island
  • Buyer: Reich Brothers
  • Seller: Adam Arnott
  • Buyer & Seller's Rep: Jose Montero - The Hype Real Estate Group
  • SF: 300,017
  • PPSF: $92

Jose Montero, the representative from The Hype Real Estate Group, facilitated the transaction between the buyer and seller. For those interested in well-priced, off-market deals, it is recommended to contact Jose Montero directly at 305-323-2762 or via email at [email protected] to explore potential opportunities.

Players

Jose Montero
10 deals$78M volume(305) 323-2762
BROKER

Details

SOLD
IMAGE: Jose Montero DATE: 06/13/2024 ADDRESS: 100 Sea Ray Drive MARKET: Merritt Island ASSET TYPE: Industrial BUYER: Reich Brothers SELLER: Adam Arnott BUYER & SELLER'S REP: Jose Montero (@Jose_Montero9) - The Hype Real Estate Group (@TheHypeRealEstateGroup) ASKING PRICE: $27,700,000 SALE PRICE: $27,700,000 SF: 300,017 ~ PPSF: $92 NOTE FROM BUYER & SELLER'S REP: We specialize in sourcing well priced, off market deals. Reach out to Jose Montero @ 305-323-2762/[email protected] to discuss deal opportunities.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$98,412.26
Cash-on-Cash Return-1.27%
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