Edward J. Kulik Jr. Of LRC Properties Acquires Industrial Asset From Benjamin Genet For $28.5M
SOLD
$28,500,000
Florida
See Similar DealsIndustrial623,752 SF
Sold 11/03/2025
SOLD
Edward J. Kulik Jr. Of LRC Properties Acquires Industrial Asset From Benjamin Genet For $28.5M
5490 Dexter Way, 5740 Columbia Circle, 1525 53rd Street & 5750 Columbia Circle
See Similar DealsIndustrial623,752 SF
Sold 11/03/2025
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$45
Total Square Footage:623,752 SF
Transaction Type:Sale
The property involved in this transaction comprises multiple industrial assets located at 5490 Dexter Way, 5740 Columbia Circle, 1525 53rd Street, and 5750 Columbia Circle, situated in the West Palm Beach market. The total sale price amounted to $28,500,000, with a total square footage of 155,938 and a price per square foot of $183.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $28,500,000
- Address: 5490 Dexter Way, 5740 Columbia Circle, 1525 53rd Street & 5750 Columbia Circle
- Market: West Palm Beach
- Buyer: Edward J. Kulik Jr. - LRC Properties
- Seller: Benjamin Genet - Genet Property Group
- Broker: Mike Ciadella - Cushman & Wakefield
- Square Footage: 155,938
- Price per Square Foot: $183
This transaction involved key individuals including Edward J. Kulik Jr., representing the buyer, LRC Properties, and Benjamin Genet, representing the seller, Genet Property Group. The brokerage firm, Cushman & Wakefield, was represented by Mike Ciadella in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,519,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$101,254.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$135,104.54
Annual Debt Service$1,621,254.48
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