Babak Ebrahimzadeh Acquires Office Building In West Palm Beach For $8.6M
2655 North Ocean Drive
$8,562,500
$189/SF
Building Size
45,198 SF
Asset Type
Office
Closing
Oct 13, 2022
AI
The office property located at 2655 N Ocean Dr in West Palm Beach has been sold. The transaction took place on 10/13/2022, with the buyer being Babak Ebrahimzadeh and the seller being R.J. Finlay & Co. The sale was facilitated by Earl Hollis from Hollis Real Estate, representing the buyer, and Bastian Laggerbauer and Mark Rubin from Colliers International, representing the seller. The property spans a total area of 45,198 square feet and was sold for a price of $8,562,500, resulting in a price per square foot of $189.
Summary of Transaction Details:
- Property Type: Office
- Transaction Amount: $8,562,500
- Date: 10/13/2022
- Address: 2655 N Ocean Dr
- Market: West Palm Beach
- Buyer: Babak Ebrahimzadeh
- Seller: R.J. Finlay & Co.
- Buyer's Representative: Earl Hollis - Hollis Real Estate
- Seller's Representatives: Bastian Laggerbauer & Mark Rubin - Colliers International
- Property Size: 45,198 square feet
- Price per Square Foot: $189
The transaction involved Babak Ebrahimzadeh as the buyer, while R.J. Finlay & Co. acted as the seller. Earl Hollis, representing Hollis Real Estate, represented the buyer in the deal. On the other side, Bastian Laggerbauer and Mark Rubin from Colliers International represented the seller. This sale marks a significant transaction in the office market of West Palm Beach.
Players
Riviera 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
1.85%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93