Acquest Development Acquires Office Property For $23 Million In Royal Palm Beach
9801 Belvedere Road, Royal Palm Beach, FL, USA
$23,000,000
$327/SF
Building Size
70,192 SF
Asset Type
Office
Closing
Aug 30, 2021
About this deal
AI
Acquest Development has acquired an office property located at 9801 & 9901 Belvedere Road in Royal Palm Beach. The transaction was completed on August 30, 2021, with a sale price of $23,000,000. The office building spans over 70,192 square feet, resulting in a price per square foot of $328. The property sits on 9.4 acres, with a price per acre of $2,446,809.
Summary of transation details
- Property Type: Office
- Transaction Amount: $23,000,000
- Market: Royal Palm Beach
Rendina Real Estate Development, represented by Richard Rendina, served as the seller in this transaction. Acquest Development, on the other hand, acted as the buyer. The sale of this office property marks an important deal in the Royal Palm Beach market.
Players
West Palm Beach 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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93