Chuck & Eddie Farah Acquire Office Property From Christy Frazier In Jacksonville For $5M
$5,000,000
$250/SF
Building Size
20,000 SF
Asset Type
Office
Closing
May 25, 2025
AI
The asset involved in the transaction is an office type property located in Jacksonville. It was sold for a price of $5,000,000 and has a total square footage of 20,000, resulting in a price per square foot of $250.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $5,000,000
- Buyer: Chuck & Eddie Farah
- Seller: Christy Frazier
- Brokerage: Sam Middlekauff, Matthew Clark & Olivia Steinemann - Colliers
- Year of original acquisition: 2023
- Original acquisition price: $4,000,000
- Market: Jacksonville
The transaction reflects the effort of Christy Frazier, who originally acquired the property as a strategic decision for downtown development. The new owners, Chuck & Eddie Farah, are local to Jacksonville and aim to support the resurgence of the Downtown area.
Players
Jacksonville 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
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93