Prime US REIT Acquires Boca Raton Office For $99.5M With Buyer's Rep KBS
SOLD
$99,500,000
+ 3
Florida
See Similar DealsOffice191,294 SF
Sold 07/19/2020
SOLD
Prime US REIT Acquires Boca Raton Office For $99.5M With Buyer's Rep KBS
18995 Biscayne Boulevard, Miami, FL 33181, USA
See Similar DealsOffice191,294 SF
Sold 07/19/2020
+ 3
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$520
Total Square Footage:191,294 SF
Transaction Type:Sale
An office property located at 1 Town Center Road in Boca Raton has been sold for a total of $99,500,000. The property spans approximately 191,294 square feet, resulting in a price per square foot of $520.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $99,500,000
- Address: 1 Town Center Road
- Market: Boca Raton
Prime US REIT, represented by Barbara Cambon, acquired the property from the CP Group, represented by Angelo Bianco, Chris Eachus, Siguler Guff & Co, represented by George W. Siguler and Drew Guff. KBS acted as the buyer's representative in the transaction, while CBRE, represented by Christian Lee, José Lobón, Amy Julian, Andrew Chilgren, and Royce Rose, served as the seller's representatives.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,306,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$353,502.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$471,680.76
Annual Debt Service$5,660,169.15
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