IRA Capital Acquires Medical Office In Boca Raton For $16M
501 Glades Road, Boca Raton, FL, USA
$16,000,000
$723/SF
Building Size
22,110 SF
Asset Type
Office
Closing
Oct 13, 2021
About this deal
AI
An office property located at 501 West Glades Road in Boca Raton has been sold in a recent transaction. The property, which is a medical office, sits on a spacious 3-acre lot. The sale took place on October 14, 2021, and was facilitated by Mohannad S. Malas and Amer F. Kasm.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $16,000,000
- Square Footage: 22,110
- Price Per Square Foot: $724
- Address: 501 West Glades Road, Boca Raton
- Market: Boca Raton
The buyer of the property was IRA Capital, represented by Amer F. Kasm and Mohannad S. Malas. On the other hand, the seller was Kireland West Glades Road Boca Raton LLC, with Alex Kurkin acting as their representative. The transaction marked a significant milestone in the real estate market in Boca Raton.
On the Map
$16,000,000
$723/SF
Office
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Players
Boca Raton 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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93