Angelo Gordon & CBRE Acquire Industrial Assets In Port St. Lucie & Riviera Beach For $20.05M
400 Northwest Enterprise Drive, Port St. Lucie, FL, USA
$20,050,000
$92/SF
Building Size
217,590 SF
Asset Type
Industrial
Closing
Jun 3, 2020
AI
The industrial asset located at 400 Enterprise Drive, 8620 LTC Parkway & 7555 Garden Road spans a total of 217,590 square feet. It is situated in the markets of Port St. Lucie and Riviera Beach, with a transaction value of $20,050,000, amounting to approximately $92 per square foot.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $20,050,000
- Address: 400 Enterprise Drive, 8620 LTC Parkway & 7555 Garden Road
- Market: Port St. Lucie & Riviera Beach
- Square Footage: 217,590
- Price Per Square Foot: $92
- Buyer: Angelo, Gordon & Co.- Angelo Gordon & Redfearn Capital - Alex Redfearn
- brokers: Robert Smith & Kirk Nelson - CBRE; Kapp Morrison LLP
The transaction involved notable representatives, including Alex Redfearn representing Angelo Gordon & Co. and Redfearn Capital, while Robert Smith and Kirk Nelson acted on behalf of CBRE. Kapp Morrison LLP is also recorded in connection with the transaction, highlighting the collaborative efforts in the deal.
Port Saint Lucie 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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93