Related Cos. And Wexford Real Estate Investors Acquire West Palm Beach Office Buildings For $35M
SOLD
$35,000,000
Florida
See Similar DealsOffice116,627 SF
Sold 02/22/2022
SOLD
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
See Similar DealsOffice116,627 SF
Sold 02/22/2022
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$300
Total Square Footage:116,627 SF
Transaction Type:Sale
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.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$124,347.60
Cash-on-Cash Return-1.27%
Monthly Debt Service$165,917.86
Annual Debt Service$1,991,014.27
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