TMC Properties LLC Purchases Delray Beach Property For $11.4 Million With Broker Gregory Miller
220 Congress Park Dr, Delray Beach...
$11,400,000
$211/SF
Building Size
54,000 SF
Asset Type
Office
Closing
Sep 20, 2018
About this deal
AI
The property at 220 Congress Park Drive in Delray Beach was sold for $11,400,000.00. This office building encompasses 54,000 square feet and is located in a market that is known for its commercial real estate activity. The property is fully leased to various tenants, including a travel agency and several government offices.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: $11,400,000.00
- Address: 220 Congress Park Dr, Delray Beach
- Market: Delray Beach
- Buyer: TMC Properties LLC
- Seller: ICM Realty Group
- Buyer’s Representative: Gregory (Greg) Miller, Cushman & Wakefield
- Seller’s Representative: Scott O’Donnell, Cushman & Wakefield
- Financing: $8.6 million loan from Grove Bank & Trust
- Construction Year: 1984
- Previous Sale Price: $8 million in 2014
- Square Footage: 54,000
TMC principal Joseph Maas indicated that this acquisition was part of a 1031 exchange, involving the sale of two commercial properties in Hollywood for $4.47 million. The lender was represented by real estate attorney Michele Softness of Carlton Fields.
Players
Delray 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
1.39%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93