Updated Dec 4, 2024
Greg Merage Of MIG Real Estate Acquires Industrial Property In Pompano Beach For $29M
3610 Park Central Boulevard North
$29,000,000
$261/SF
Building Size
110,958 SF
Asset Type
Industrial
Closing
Nov 4, 2024
About this deal
AI
The property involved in this transaction is an industrial asset located at 3610-3890 Park Central Boulevard North, Pompano Beach, comprising 8.5 acres. The sale price for the property was $29,000,000, and it encompasses a total square footage of 110,958, translating to a price per square foot of $261.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $29,000,000
- Address: 3610-3890 Park Central Boulevard North
- Market: Pompano Beach
- Square Footage: 110,958
- Price Per Square Foot: $261
- Buyer: Greg Merage - MIG Real Estate
- Seller: Aaron Snegg - Berkeley Partners
- Lender: CommerceWest Bank
- Financing Amount: $17.2 million
- Seller's Previous Purchase Price: $15 million in 2018
Greg Merage represented MIG Real Estate in the acquisition, while Aaron Snegg represented Berkeley Partners in the sale. This transaction was facilitated by CommerceWest Bank, which provided the financing necessary for the deal.
Players
Pompano 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
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93