FLRE Investors, LLC Acquires Office Property In Odessa For $38.86M
16400 Florida Highway 54, Odessa, Florida 33556, United States
$38,860,000
$227,251/SF
Building Size
171 SF
Asset Type
Office
Closing
Apr 17, 2023
AI
FLRE Investors, LLC has acquired an office property located at 16400 State Route 54 in Odessa. The transaction took place on October 25, 2022, with a sale price of $38,860,000. The property spans across 171,752 square feet, resulting in a price per square foot of $226. The deal was facilitated by brokerage firm JLL Capital Markets, with Robbie McEwan, Michael Brewster, Matt McCormack, and Gary Godsey representing the buyer.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $38,860,000
- Square Footage: 171,752
- Price per Square Foot: $226
- Market: Odessa
The involvement of FLRE Investors, LLC in this transaction highlights their continued interest in expanding their office property portfolio. The property located at 16400 State Route 54 offers a significant amount of space, providing ample room for the buyer to establish their operations. JLL Capital Markets, through the combined efforts of Robbie McEwan, Michael Brewster, Matt McCormack, and Gary Godsey, played a pivotal role in facilitating the successful sale of this office asset.
Players
Odessa 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
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93