IP Capital Partners Acquires Office Property In Boca Raton For $77.3M
2600 North Military Trail, Boca Raton, FL 33431, USA
$77,300,000
$318/SF
Building Size
243,000 SF
Asset Type
Office
Closing
Oct 7, 2021
About this deal
AI
The three office properties located at 2600, 2650, and 2700 North Military Trail in Boca Raton have been sold in a recent transaction. The sale was facilitated by CBRE brokers Christian Lee and José Lobón. The buyer, IP Capital Partners, was represented by Josh Procacci and Jason Isaacson, along with Edge Principal Advisors. On the other side of the deal, the seller was Bridge Investment Group and Ascentris.
Summary of transaction details
- Property Type: Office
- Sale Price: $77,300,000
- Square Footage: 243,000
- Price Per Square Foot: $318
- Date: 10/07/2021
- Market: Boca Raton
Josh Procacci and Jason Isaacson, representing IP Capital Partners, were part of the buying team. CBRE brokers Christian Lee and José Lobón facilitated the transaction on behalf of the buyer. The sellers, Bridge Investment Group and Ascentris, successfully closed the deal. The three office properties located at 2600, 2650, and 2700 North Military Trail in Boca Raton offer a significant asset in the office market.
On the Map
$77,300,000
$318/SF
Office
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Players
Boca Raton 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93