CBRE Secures $17M Loan To Refinance Fort Lauderdale Retail Property
3700 North Ocean Boulevard & 4032 North Ocean Boulevard
$17,000,000
$80/SF
Building Size
211,178 SF
Asset Type
Retail
Closing
Jan 4, 2024
AI
The Galt Ocean Marketplace, a 105,589-square-foot shopping center located at 3700-4032 North Ocean Boulevard in Fort Lauderdale, has been refinanced with a $17 million loan. The property, owned by Kitson & Partners since 2006, is a retail asset boasting a 96 percent occupancy rate. Anchor tenant Winn-Dixie is joined by notable tenants such as CVS/pharmacy, Holy Cross Hospital, and McDonald's.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $17,000,000
- Address: 3700-4032 North Ocean Boulevard, Fort Lauderdale
- Market: Fort Lauderdale
- Square Footage: 105,589 SF
CBRE's Ahmed Lampman and Mackenzie Lampman represented Kitson & Partners in securing the $17 million loan for the Galt Ocean Marketplace refinance.
Players
Fort Lauderdale Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93