Blue Water Advisors Acquires West Palm Beach Office For $13M
SOLD
$13,000,000
Florida
See Similar DealsOffice70,185 SF
Sold 02/14/2022
SOLD
Blue Water Advisors Acquires West Palm Beach Office For $13M
1401 Forum Way, West Palm Beach, Florida 33401, United States
See Similar DealsOffice70,185 SF
Sold 02/14/2022
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$185
Total Square Footage:70,185 SF
Transaction Type:Sale
The office property located at 1401 Forum Way in West Palm Beach has been sold. The transaction took place on February 14, 2022. The property, spanning 67,185 square feet, was sold for a total price of $13,000,000, resulting in a price per square foot of $193. The seller of the property was AW Property Company.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $13,000,000
- Address: 1401 Forum Way, West Palm Beach
- Market: West Palm Beach
- Square Footage: 67,185
The buyer of the property was Blue Water Advisors, represented by Alex Hufty Griswold, William Whitridge, and Benjamin Griswold. Cushman & Wakefield's brokers, Scott O’Donnell and Mike Ciadella, were involved in the transaction. Ameris Bank provided the financing for the sale.
Players
SELLER
Details
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Deal Type
30 years
10 years
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
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