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Index Investment Group & Verdex Construction Acquire Office Building In West Palm Beach For $13.4M

Property Image
SOLD
$13,400,000
Mark M. Rubin
Bastian Schauer

Florida

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Office65,760 SF
Sold 11/24/2021
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Property Image
SOLD

Index Investment Group & Verdex Construction Acquire Office Building In West Palm Beach For $13.4M

1501 Belvedere Road, West Palm Beach, FL, USA

See Similar Deals
Office65,760 SF
Sold 11/24/2021
Mark M. Rubin
Bastian Schauer
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$203
Total Square Footage:65,760 SF
Transaction Type:Sale

An office property located at 1501 Belvedere Road in West Palm Beach has been sold for $13,400,000. The property spans across 65,760 square feet, resulting in a price per square foot of $204. The transaction took place on November 24, 2021.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $13,400,000
  • Address: 1501 Belvedere Road
  • Market: West Palm Beach

The buyer of the property was Index Investment Group and Verdex Construction, while the seller was CEMEX. The deal was facilitated by Bastian Laggerbauer and Mark Rubin from Colliers.

Players

Mark M. Rubin
Colliers
Mark M. Rubin
37 deals$896.8M volume(561) 302-2511
BROKER
Bastian Schauer
Colliers
Bastian Schauer
42 deals$3B volume(561) 281-6656
BROKER
IG
Index Investment Group
BUYER
C
Cemex
SELLER

Details

SOLD
IMAGE: Bastian Laggerbauer & Mark Rubin DATE: 11/24/2021 ADDRESS: 1501 Belvedere Road MARKET: West Palm Beach ASSET TYPE: Office BUYER: Index Investment Group & Verdex Construction SELLER: CEMEX BROKERS: Bastian Laggerbauer (@Bastian1992) & Mark Rubin (@SofloInvestmentSales) - Colliers SALE PRICE: $13,400,000 SF: 65,760 ~ PPSF: $204

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

$714,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$47,607.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,522.84
Annual Debt Service$762,274.04