Capstone Realty Group Acquires Office In West Palm Beach For $6.95M
1551 Forum Place, West Palm Beach, Florida 33401, United States
$6,950,000
$175/SF
Building Size
39,702 SF
Asset Type
Office
Closing
May 9, 2022
AI
An office building located at 1551 Forum Pl in West Palm Beach has been sold. The property, comprising 39,702 square feet, was purchased by Mitchell Adelstein of Capstone Realty Group from Llwyd Ecclestone. The transaction was facilitated by brokers Bastian Laggerbauer and Mark Rubin of Colliers International. The sale price for the office building was $6,950,000, resulting in a price per square foot of $175.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $6,950,000
- Address: 1551 Forum Pl
- Market: West Palm Beach
- Buyer: Mitchell Adelstein - Capstone Realty Group
- Seller: Llwyd Ecclestone
- Brokers: Bastian Laggerbauer & Mark Rubin - Colliers International
The sale of the office building was completed on 05/10/2022. This transaction marks a significant move in the West Palm Beach market and highlights the involvement of key individuals such as Mitchell Adelstein, representing Capstone Realty Group, and Llwyd Ecclestone. Bastian Laggerbauer and Mark Rubin, both from Colliers International, acted as brokers in this deal.
Players
West Palm Beach Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.28%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93