Pebb Enterprises & Contrarian Capital Management Acquire Office Building In Boca Raton For $29.9M
SOLD
$29,900,000
Florida
See Similar DealsOffice131,680 SF
Sold 07/05/2022
SOLD
Pebb Enterprises & Contrarian Capital Management Acquire Office Building In Boca Raton For $29.9M
6601 Park of Commerce Boulevard, Boca Raton, Florida 33487, United States
See Similar DealsOffice131,680 SF
Sold 07/05/2022
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$227
Total Square Footage:131,680 SF
Transaction Type:Sale
Located in Boca Raton, the office property at 6601 & 6551 Park of Commerce Blvd has been sold in a recent transaction. The property, spanning 131,680 square feet, was sold for a total of $29,900,000, resulting in a price per square foot of $227. The deal took place on 07/05/2022.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $29,900,000
- Square Footage: 131,680
- Address: 6601 & 6551 Park of Commerce Blvd, Boca Raton
- Market: Boca Raton
The buyer of the property is Pebb Enterprises & Contrarian Capital Management, while the seller is Ivy Realty. Christian Lee, Sean Kelly, and Marcos Minaya of CBRE acted as the seller's representatives in the deal. The lender involved in the transaction is Professional Bank.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,594,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,228.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$141,741.25
Annual Debt Service$1,700,895.05
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