Morning Calm Management Acquires Office Buildings In West Palm Beach For $54.2M
SOLD
$54,200,000
Florida
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Sold 08/05/2020
SOLD
Morning Calm Management Acquires Office Buildings In West Palm Beach For $54.2M
319 Clematis Street, West Palm Beach, FL, USA
See Similar DealsOffice
Sold 08/05/2020
Summary
FLORIDA
Asset Type:Office
Transaction Type:Sale
The office property located at 319 Clematis St., 224 Datura St, and 324 Datura St in West Palm Beach has been sold for a total of $54,200,000. The transaction took place on August 5, 2021. The property was purchased by Morning Calm Management, represented by Mukang Cho. The seller, David Associates, was represented by Alfred Marulli.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $54,200,000
Morning Calm Management, led by Mukang Cho, made the acquisition from David Associates, represented by Alfred Marulli. The deal marks a significant investment in the West Palm Beach market for Morning Calm Management. The purchase of these office properties demonstrates their strategic growth in the region.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,890,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$192,561.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$256,935.65
Annual Debt Service$3,083,227.82
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