Tricera Capital And New England Development Acquire West Palm Beach Office For $60.7M
250 South Australian Avenue, West Palm Beach, FL 33401
$60,700,000
$275/SF
Building Size
220,000 SF
Asset Type
Office
Closing
Jun 30, 2020
About this deal
AI
An office property located at 250 South Australian Ave in West Palm Beach has been sold for a total of $60,700,000. The property spans a total of 220,000 square feet, resulting in a price per square foot of $276. The transaction took place on June 30, 2021, involving the buyer, Tricera Capital - Ben Mandell & Scott Sherman, New England Development - Douglass Karp, and Rockpoint Group. The seller in this deal was Velocis & CREC Capital. The sale was facilitated by JLL.
Summary of transation details
- Property Type: Office
- Transaction Amount: $60,700,000
- Date: June 30, 2021
- Address: 250 South Australian Ave
- Market: West Palm Beach
- Buyer: Tricera Capital - Ben Mandell & Scott Sherman; New England Development - Douglass Karp; Rockpoint Group
- Seller: Velocis & CREC Capital
- Broker: JLL
- Square Footage: 220,000
- Price Per Square Foot: $276
The sale of the office property at 250 South Australian Ave was a collaborative effort between several organizations. Tricera Capital - Ben Mandell & Scott Sherman, New England Development - Douglass Karp, and Rockpoint Group acted as the buyers in the transaction, while Velocis & CREC Capital served as the sellers. JLL played a crucial role in facilitating the deal.
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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93