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601 Clearwater Park Road, W...

Updated Oct 28, 2024

Tommy Morrison Acquires Office Building In West Palm Beach From Ion Media For $6.5M
SOLDOffice

Tommy Morrison Acquires Office Building In West Palm Beach From Ion Media For $6.5M

601 Clearwater Park Road, West Palm Beach, FL 33401

$6,500,000

$433/SF

Building Size

15,000 SF

Asset Type

Office

Closing

Dec 15, 2021

About this deal

AI

601 Clearwater Park Rd in West Palm Beach has been sold for $6,500,000. This office property spans 15,000 square feet, resulting in a price per square foot of $433. The transaction took place on December 15, 2021. The buyer of the property is Tommy Morrison, while the seller is Ion Media. The deal was facilitated by brokers Sky Groden and Evan Christiansen from JLL.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $6,500,000
  • Address: 601 Clearwater Park Rd
  • Market: West Palm Beach
  • Buyer: Tommy Morrison
  • Seller: Ion Media
  • Brokers: Sky Groden & Evan Christiansen - JLL
  • Square Footage: 15,000
  • Price per Square Foot: $433
  • Date: December 15, 2021

Evan Christiansen and Sky Groden, representing JLL, played a crucial role in the successful completion of the transaction. They worked as brokers for Tommy Morrison, the buyer, and facilitated the sale on his behalf. Ion Media, the seller, entrusted the sale of the property to their representative in the deal. This transaction highlights the expertise and professionalism displayed by both parties involved.

On the Map

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$6,500,000

$433/SF

Office

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Players

Sky Groden

JLL

Broker

$207.6M

vol

13 deals

Broker
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West Palm Beach Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $433 per square foot on a published $6.5M for 15,000 square feet (2021).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.44%

Cash-on-Cash

-0.70%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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