Allen Chelminsky Acquires Office Property In Palm Beach Gardens For $13.8M From Mr. Fa Park & Mr. Brian Lee
8895 North Military Trail
$13,800,000
$193/SF
Building Size
71,509 SF
Asset Type
Office
Closing
Feb 21, 2025
About this deal
AI
The property asset involved in the transaction is located at 8895 North Military Trail in Palm Beach Gardens. It is classified as an office asset encompassing a total square footage of 71,509. The sale of the property was completed for a transaction amount of $13,800,000, which translates to a price per square foot of $192.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $13,800,000
- Address: 8895 North Military Trail
- Market: Palm Beach Gardens
- Square Footage: 71,509
- Price per Square Foot: $192
- Buyer: Allen Chelminsky
- Seller: Mr. Fa Park & Mr. Brian Lee
- Broker: Benjamin Bruner & Jamen Storms - Bruner Group
Bruner Group represented 8895 North Military LLC in its previous acquisition of the property in 2021 for $11.6 million. The group successfully repositioned the asset by increasing occupancy from 50% to 95% before this transaction, and they have been retained as the leasing agent by the new owner. Financing for the transaction was provided by Locality Bank.
On the Map
$13,800,000
$193/SF
Office
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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
1.15%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93