Related Cos. And Wexford Real Estate Investors Acquire West Palm Beach Office Buildings For $35M
400 South Australian Avenue, West Palm Beach, Florida 33401, United States
$35,000,000
$300/SF
Building Size
116,627 SF
Asset Type
Office
Closing
Feb 21, 2022
About this deal
AI
400 & 450 S Australian Avenue & 1010 Clearwater Place, an office property located in West Palm Beach, was recently sold in a transaction. The property spans across 5.2 acres.
Summary of transaction details
- Property Type: Office
- Sale Price: $35,000,000
- Square Footage: 116,627
- Price per Square Foot: $300
- Address: 400 & 450 S Australian Avenue & 1010 Clearwater Place, West Palm Beach
The buyers in this transaction were Related Cos. represented by Stephen Ross and Wexford Real Estate Investors represented by Joseph Jacobs. Key International, represented by Jose, Inigo, and Diego Ardid, also participated as buyers. Reflect Co. LLC, represented by Steven Levin, acted as the seller in this deal.
On the Map
$35,000,000
$300/SF
Office
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Players
West Palm 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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93