David Associates Acquires Palm Beach Lakes Blvd Office Property In West Palm Beach For $29.25M
1655 Palm Beach Lakes Boulevard, West Palm Beach, Florida 33401, United States
$29,250,000
$157/SF
Building Size
185,650 SF
Asset Type
Office
Closing
Jan 31, 2022
AI
Two office properties located at 1655 & 1665 Palm Beach Lakes Blvd in West Palm Beach have recently been sold. The transaction took place on February 1, 2022. The properties, which span a total of 1.17 acres, were sold for a total price of $29,250,000.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $29,250,000
- Address: 1655 & 1665 Palm Beach Lakes Blvd
- Market: West Palm Beach
- Square Footage: 185,650
The buyer, David Associates, was represented by Al Muralli. The seller in this transaction was Triarch Capital Group. The sale was facilitated by Christian Lee, Marcos Minaya, Amy Julian, and Tom Rappa from CBRE. The properties were sold at a price of $158 per square foot.
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
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93