Trian Partners Acquires Palm Beach Office At 223 Sunset Avenue For $23M
SOLD
$23,000,000
Florida
See Similar DealsOffice8,503 SF
Sold 09/30/2021
SOLD
Trian Partners Acquires Palm Beach Office At 223 Sunset Avenue For $23M
223 Sunset Avenue, Palm Beach, FL, USA
See Similar DealsOffice8,503 SF
Sold 09/30/2021
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$2,704
Total Square Footage:8,503 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,226,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$81,714.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,031.73
Annual Debt Service$1,308,380.81
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