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2253 Vista Parkway, West Pa...

Midtown Capital Partners Acquires West Palm Beach Office & Industrial Properties For $37M
SOLDIndustrial

Midtown Capital Partners Acquires West Palm Beach Office & Industrial Properties For $37M

2253 Vista Parkway, West Palm Beach, Florida 33411, United States

$37,000,000

$211/SF

Building Size

174,970 SF

Asset Type

Industrial

Closing

Jan 17, 2022

AI

The property involved in this transaction is located at 2253, 2255, & 2257 Vista Parkway, and 6903, 6917, & 6931 Vista Parkway North in West Palm Beach. The asset type of the property is both office and industrial. The sale took place on January 17, 2022.

Summary of transaction details

  • Property Type: Office & Industrial
  • Transaction Amount: $37,000,000
  • Total Square Footage: 174,970 SF
  • Price Per Square Foot: $211

The buyer of the property is Midtown Capital Partners, represented by Alejandro Velez. The seller of the property is McCraney Property Company. The seller's representatives in the deal were Mike Davis and Dominic Montazemi from Cushman & Wakefield.

Players

Dominic Montazemi

Cushman & Wakefield

Broker

$4.2B

vol

90 deals

Broker
Alejandro Velez

Alejandro Velez

Midtown Capital Partners

Buyer

$448.3M

vol

13 deals

Buyer
MC
McCraney Property CompanySeller

West Palm Beach Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.43%

Cash-on-Cash

-0.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93