CS Ventures Acquires Office Property In Palm Beach For $37.8M
SOLD
$37,800,000
Florida
See Similar DealsOffice61,609 SF
Sold 09/28/2021
SOLD
CS Ventures Acquires Office Property In Palm Beach For $37.8M
440 Royal Palm Way, Palm Beach, FL, USA
See Similar DealsOffice61,609 SF
Sold 09/28/2021
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$613
Total Square Footage:61,609 SF
Transaction Type:Sale
The office property located at 440 Royal Palm Way in Palm Beach has been sold in a recent transaction. The property spans 61,609 square feet and was purchased for a total price of $37,800,000. This equates to a price per square foot of $614.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $37,800,000
- Address: 440 Royal Palm Way
- Market: Palm Beach
- Buyer: CS Ventures - Spencer Schlager & Charles Rosenberg
- Seller: Blue Water Advisors
CS Ventures, represented by Spencer Schlager & Charles Rosenberg, acquired the property from Blue Water Advisors. The transaction showcases the ongoing activity in the Palm Beach office market.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,016,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$134,295.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$179,191.28
Annual Debt Service$2,150,295.42
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