Ken Fishel's Renaissance Properties NY Acquires Office Building In Boca Raton For $51M
SOLD
$51,000,000
Florida
See Similar DealsOffice179,837 SF
Sold 10/07/2022
SOLD
Ken Fishel's Renaissance Properties NY Acquires Office Building In Boca Raton For $51M
1515 Federal Highway, Boca Raton, Florida 33432, United States
See Similar DealsOffice179,837 SF
Sold 10/07/2022
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$283
Total Square Footage:179,837 SF
Transaction Type:Sale
The property involved in this closed transaction is an office located at 1515 S Federal Hwy in Boca Raton. The transaction took place on 10/07/2022 and the market for this property is Boca Raton. The asset type is an office building.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $51,000,000
- Address: 1515 S Federal Hwy
- Market: Boca Raton
The buyer in this transaction is Ken Fishel from Renaissance Properties NY. The seller is Mark A. Gensheimer from Penn Florida Companies. The buyer's representative is Maria Gomez from Powerful Real Estate, and the seller's representatives are Mark Rubin and Bastian Laggerbauer from Colliers International.
The property was sold for a total of $51,000,000, with a total square footage of 179,837. The price per square foot is $284.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,719,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$181,192.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$241,766.02
Annual Debt Service$2,901,192.23
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