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Asi Cabessa Acquires Industrial Property In Lake Worth Beach For $4.18M

Property Image
SOLD
$4,180,000
Jeffrey Pechter
Patrick Carney
+ 1

Florida

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Industrial24,570 SF
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Property Image
SOLD

Asi Cabessa Acquires Industrial Property In Lake Worth Beach For $4.18M

1819 7th Avenue North

See Similar Deals
Industrial24,570 SF
Sold
Jeffrey Pechter
Patrick Carney
+ 1
Contact now

Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$170
Total Square Footage:24570 SF
Transaction Type:Sale

The property asset involved in the transaction is an industrial facility located at 1819 7th Avenue North in the Lake Worth Beach market. The asking price for the asset was $4,180,000, which matched the sale price. The facility spans approximately 24,570 square feet and has a price per square foot of $170.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $4,180,000
  • Address: 1819 7th Avenue North
  • Market: Lake Worth Beach
  • Buyer: Asi Cabessa
  • Seller: Mindful - Patrick Carney and Jeffrey Pechter
  • Brokers: Juda Hersh - Hersh Equity Group
  • Square Footage: 24,570
  • Price Per Square Foot: $170

The transaction involved buyer Asi Cabessa acquiring the property from Mindful, represented by Patrick Carney and Jeffrey Pechter. The deal was brokered by Juda Hersh of Hersh Equity Group. Notably, Mindful Capital's previous investment of $2,195,000 for the property in 2018 has seen substantial appreciation, and their last sale, another industrial asset of 50,000 square feet, was brokered by the same representative, Juda Hersh, directed to Cabessa Property Management.

Players

Juda Hersh
15 deals$128.9M volume
BROKER

Patrick Carney
14 deals$201.2M volume
BROKER

Asi Cabessa
9 deals$52M volume
BUYER

Asi Cabessa
9 deals$52M volume
BUYER

Jeffrey Pechter
12 deals$137.9M volume
SELLER

Jeffrey Pechter
12 deals$137.9M volume
SELLER

Patrick Carney
14 deals$201.2M volume
SELLER

Details

SOLD
IMAGE: Juda Hersh, Asi Cabessa & Patrick Carney DATE: 11/17/2023 ADDRESS: 1819 7th Avenue North MARKET: Lake Worth Beach ASSET TYPE: Industrial BUYER: Asi Cabessa (@CabessaProperties) SELLER: Mindful - Patrick Carney (@Carney6769) and Jeffrey Pechter BROKERS: Juda Hersh (@Flwarehouseguy) - Hersh Equity Group (@HershEquity) ASKING PRICE: $4,180,000 SALE PRICE: $4,180,000 SF: 24,570 ~ PPSF: $170 NOTE FROM BROKERS: Acquired in 2018, Mindful Capital's $2,195,000 investment has seen substantial appreciation. Remarkably, their last sale, a 50k SF industrial asset, took place 24 months ago and was once again brokered by Juda Hersh, with the property directed to the same buyer, Cabessa Property Management.

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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$14,850.67
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