ASP/IP Del Mar LLC Acquires Office Building In Boca Raton For $18M
SOLD
$18,000,000
+ 2
Florida
See Similar DealsOffice100,423 SF
Sold 06/04/2021
SOLD
ASP/IP Del Mar LLC Acquires Office Building In Boca Raton For $18M
7301 West Palmetto Park Road, Boca Raton, FL, USA
See Similar DealsOffice100,423 SF
Sold 06/04/2021
+ 2
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$179
Total Square Footage:100,423 SF
Transaction Type:Sale
The office property located at 7301 Palmetto Park Road in Boca Raton has been sold in a transaction valued at $18,000,000. The property spans across 8.2 acres and offers a total of 100,423 square feet of space. With a price per square foot of $179, this sale reflects a significant investment in the vibrant Boca Raton market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $18,000,000
- Square Footage: 100,423
- Price per Square Foot: $179
- Acres: 8.2
The buyer, ASP/IP Del Mar LLC, acquired the property from the seller, Rimar Properties. Facilitating this transaction were the brokers Scott O'Donnell, Mike Ciadella, Dominic Montazemi, Greg Miller, and Miguel Alcivar from Cushman & Wakefield. Their expertise and negotiation skills played a crucial role in the successful completion of this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$960,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20
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