Randall Realty Group Acquires Office From The Silverman Group In Palm Beach
SOLD
$15,000,000
Florida
See Similar DealsOffice30,600 SF
Sold 01/19/2023
SOLD
Randall Realty Group Acquires Office From The Silverman Group In Palm Beach
2875 S Ocean BLVD, Palm Beach, FL...
See Similar DealsOffice30,600 SF
Sold 01/19/2023
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$490
Total Square Footage:30,600 SF
Transaction Type:Sale
The property at 2875 S Ocean BLVD, Palm Beach, FL is an office asset with a size of 30,600 square feet. The transaction took place on 01/19/2023 in Palm Beach. The buyer, represented by Michael (Mike) Ciadella from Cushman & Wakefield, was Randall Realty Group, while the seller was The Silverman Group. The property was sold for $15,000,000.00.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $15,000,000.00
- Address: 2875 S Ocean BLVD, Palm Beach, FL
- Market: Palm Beach
- Buyer's Representative: Michael (Mike) Ciadella (Cushman & Wakefield)
- Seller: The Silverman Group
- Square Footage: 30,600
The deal involved key individuals and companies like Michael (Mike) Ciadella representing the buyer, Randall Realty Group, in the transaction with The Silverman Group as the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$799,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83
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