Schmier Property Group Acquires Mixed-use Asset In Boca Raton For $32 Million From Herbert Kahlert
5550 Glades Road
$32,000,000
$400/SF
Building Size
80,000 SF
Asset Type
Mixed-use
Closing
Sep 5, 2024
About this deal
AI
The property at 5550 Glades Road, located in Boca Raton, is a mixed-use asset encompassing 80,000 square feet. The sale price for this transaction was $32,000,000, which translates to a price per square foot of $400.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $32,000,000
- Address: 5550 Glades Road
- Market: Boca Raton
- Square Footage: 80,000
- Price Per Square Foot: $400
- Buyer: Schmier Property Group
- Seller: Herbert Kahlert
- Broker: Josh Wade - Flagship Partners
The transaction involved Schmier Property Group as the buyer, acquiring the asset from seller Herbert Kahlert. The deal was facilitated by broker Josh Wade from Flagship Partners, representing the interests of the parties involved in this transaction.
Players
Boca Raton Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93