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Angler Properties Acquires West Palm Beach Office Portfolio For $19.5M

Property Image
SOLD
$19,500,000
Tom Gibson
Darryn Dunn

Florida

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Office109,237 SF
Sold 01/03/2022
the dealplayerscompscontact
Property Image
SOLD

Angler Properties Acquires West Palm Beach Office Portfolio For $19.5M

340 Columbia Drive, West Palm Beach, Florida 33409, United States

See Similar Deals
Office109,237 SF
Sold 01/03/2022
Tom Gibson
Darryn Dunn
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$178
Total Square Footage:109,237 SF
Transaction Type:Sale

The office property located at 340, 360, 380, 400, 420, 440 & 500 Columbia Drive in West Palm Beach was recently sold in a closed transaction. The property spans a total area of 109,237 square feet and is classified as an office asset. The sale took place on 01/03/2022.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $19,500,000
  • Price per Square Foot: $179
  • Address: 340, 360, 380, 400, 420, 440 & 500 Columbia Drive, West Palm Beach
  • Market: West Palm Beach

The buyer in this transaction was Angler Properties, while the seller was 340-500 Columbia Drive LLC. The deal was facilitated by Darryn Dunn and Tom Gibson, who represent Asset Specialists.

Players

Darryn Dunn
Dunn Commercial
Darryn Dunn
2 deals$35M volume(561) 667-1725
BROKER
Darryn Dunn
Dunn Commercial
Darryn Dunn
2 deals$35M volume(561) 667-1725
BROKER
Tom Gibson
Tom Gibson
2 deals$35M volume
BROKER
AP
Angler Properties
BUYER

Details

SOLD
IMAGE: Tom Gibson DATE: 01/03/2022 ADDRESS: 340, 360, 380, 400, 420, 440 & 500 Columbia Drive MARKET: West Palm Beach ASSET TYPE: Office BUYER: Angler Properties SELLER: 340-500 Columbia Drive LLC BROKERS: Darryn Dunn & Tom Gibson - Asset Specialists SALE PRICE: $19,500,000 SF: 109,237 ~ PPSF: $179

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,039,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$69,279.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$92,439.95
Annual Debt Service$1,109,279.38