CRC Cos. Acquires Office Asset In Naples For $55.5M
SOLD
$55,500,000
+ 2
Florida
See Similar DealsOffice177,600 SF
Sold 12/29/2021
SOLD
CRC Cos. Acquires Office Asset In Naples For $55.5M
5811 Pelican Bay Boulevard, Naples, FL 34108
See Similar DealsOffice177,600 SF
Sold 12/29/2021
+ 2
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$312
Total Square Footage:177,600 SF
Transaction Type:Sale
The office property located at 5801 & 5811 Pelican Bay Blvd in Naples has been sold in a closed transaction. The property spans across 10 acres and is categorized as an office space. The transaction took place on 12/29/2021.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $55,500,000
- Square Footage: 177,600
- Price per Square Foot: $313
- Address: 5801 & 5811 Pelican Bay Blvd
- Market: Naples
CRC Cos. acquired the property from Steelbridge Capital, Square2 Capital, and Apollo Global Management. Patrick Fraley from Investment Properties Corp. represented the buyer in the transaction. On the other side, Chris Drew, Hermen Rodriguez, Ike Ojala, and Matthew McCormack from JLL represented the sellers.
Players
SELLER
SELLER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,959,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$197,179.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$263,098.31
Annual Debt Service$3,157,179.78
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