Castle Boca, LLC Acquires Boca Raton Office Properties For $8.9M
6501 Park of Commerce Boulevard, Boca Raton, Florida 33487, United States
$8,900,000
$171/SF
Building Size
52,000 SF
Asset Type
Office
Closing
Dec 20, 2021
About this deal
AI
Located in Boca Raton, the property at 6501 & 6531 Park of Commerce Blvd. was recently sold in a closed transaction. The office asset spans across 4.35 acres and offers a total square footage of 52,000. The property was sold for $8,900,000, resulting in a price per square foot of $171. The deal was facilitated by the buyer's representative, Reese Stigliano of Stigliano Commercial Real Estate, and the seller was represented by Jeff Kelly, Sean Kelly, and Dave Wigoda of CBRE.
Summary of transation details
- Property Type: Office
- Transaction Amount: $8,900,000
- Address: 6501 & 6531 Park of Commerce Blvd., Boca Raton
- Market: Boca Raton
- Acres: 4.35
The buyer of the property was Castle Boca, LLC, while the seller was MTI Properties Florida LLC. The purchase was negotiated with the assistance of Reese Stigliano from Stigliano Commercial Real Estate representing the buyer. On the other hand, the seller received representation from Jeff Kelly, Sean Kelly, and Dave Wigoda of CBRE. This transaction highlights the involvement of these key individuals and companies in the successful sale of the property.
On the Map
$8,900,000
$171/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
1.78%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93