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KKR Acquires Industrial Property In Boynton Beach From High Street Logistics Properties For $13M

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SOLD
$13,000,000

Florida

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Industrial166,756 SF
Sold 01/21/2021
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Property Image
SOLD

KKR Acquires Industrial Property In Boynton Beach From High Street Logistics Properties For $13M

6600 High Ridge Road & 6600 High Ridge Road, Boynton Beach, FL, USA

See Similar Deals
Industrial166,756 SF
Sold 01/21/2021
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Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$78
Total Square Footage:166,756 SF
Transaction Type:Sale

The industrial property located at 6600 & 7700 High Ridge Road in Boynton Beach has been sold in a transaction. The property spans 83,378 square feet and has been sold for a price of $13,000,000, resulting in a price per square foot of $156. The buyer in the transaction is KKR, represented by Henry Kravis. The seller is High Street Logistics Properties. CBRE, represented by Bob Sulentic, acted as the broker in the deal.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $13,000,000
  • Address: 6600 & 7700 High Ridge Road, Boynton Beach
  • Market: Boynton Beach
  • Buyer: KKR - Henry Kravis
  • Seller: High Street Logistics Properties
  • Broker: CBRE - Bob Sulentic
  • Square Footage: 83,378
  • Price Per Square Foot: $156

Bob Sulentic, from CBRE, played a crucial role as the broker in this transaction, handling the deal on behalf of KKR and Henry Kravis. The involvement of these key individuals and companies, along with the details previously mentioned, highlights the significance of this industrial property sale in Boynton Beach.

Players

Robert (Bob) Sulentic
7 deals$164.9M volume
BROKER

Henry Kravis
KKR
9 deals$2.3B volume
BUYER

SELLER

Details

SOLD
IMAGE: Bob Sulentic & Henry Kravis DATE: 01/22/2021 ADDRESS: 6600 & 7700 High Ridge Road MARKET: Boynton Beach ASSET TYPE: Industrial BUYER: KKR - Henry Kravis SELLER: High Street Logistics Properties BROKER: CBRE - Bob Sulentic PRICE: $13,000,000 SF: 83,378 ~ PPSF: $156

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$693,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$46,186.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$61,626.63
Annual Debt Service$739,519.59