ASP/IP Del Mar LLC Acquires Office Building In Boca Raton For $18M
7301 West Palmetto Park Road, Boca Raton, FL, USA
$18,000,000
$179/SF
Building Size
100,423 SF
Asset Type
Office
Closing
Jun 3, 2021
About this deal
AI
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.
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
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93