Trian Partners Acquires Palm Beach Office At 223 Sunset Avenue For $23M
223 Sunset Avenue, Palm Beach, FL, USA
$23,000,000
$2,704/SF
Building Size
8,503 SF
Asset Type
Office
Closing
Sep 30, 2021
About this deal
AI
Nelson Peltz, Ed Garden, and Peter May have acquired an office property located at 223 Sunset Avenue in Palm Beach. The property was sold by New England Development for a total sale price of $23,000,000.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $23,000,000
- Buyer: Trian Partners - Peter May, Nelson Peltz & Ed Garden
- Seller: New England Development
- Date: 09/30/2021
- Address: 223 Sunset Avenue, Palm Beach
Trian Partners, represented by Peter May, Nelson Peltz, and Ed Garden, successfully acquired the office property located at 223 Sunset Avenue in Palm Beach from New England Development.
Players
Palm Beach Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93