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Michael Tsoumpas Acquires Retail Property In St. Augustine For $24.1M

Property Image
SOLD
$24,100,000
Michael Kavaler
Jeffrey Cicurel
+ 6

Florida

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Retail52,070 SF
Sold 01/25/2023
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Property Image
SOLD

Michael Tsoumpas Acquires Retail Property In St. Augustine For $24.1M

170 Village Commons Drive

See Similar Deals
Retail52,070 SF
Sold 01/25/2023
Michael Kavaler
Jeffrey Cicurel
+ 6
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$462
Total Square Footage:52,070 SF
Transaction Type:Sale

The retail property located at 170 Village Commons Drive in St. Augustine has been sold for a total of $24,100,000. The property spans over 52,070 square feet, resulting in a price per square foot of $463. The transaction took place on January 25, 2023. The seller in this deal was Stiles Corporation JV Cantrell & Morgan, while the buyer was Michael Tsoumpas.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $24,100,000
  • Square Footage: 52,070 SF
  • Price per Square Foot: $463
  • Address: 170 Village Commons Drive, St. Augustine
  • Market: St. Augustine

The transaction was facilitated by JLL, with the following brokers representing both parties: Danny Finkle, Eric Williams, Jorge Portela, Kim Flores, Michael Kavaler, Cameron Beck, Alex Sharrin, and Jeffrey Cicurel. Their efforts contributed to the successful completion of the deal.

Players

Danny Finkle
57 deals$3.9B volume
BROKER

Eric Williams
Newmark
52 deals$2.8B volume
BROKER

Alex Sharrin
JLL
35 deals$908M volume(305) 913-5545
BROKER

Kim Flores
JLL
35 deals$3.2B volume
BROKER

Cameron Beck
JLL
15 deals$929.3M volume
BROKER

Jeffrey Cicurel
JLL
14 deals$244.3M volume(773) 573-8118
BROKER

Michael Kavaler
JLL
15 deals$817.4M volume(917) 923-4242
BROKER

Jorge Portela
JLL
23 deals$1.6B volume
BROKER


SELLER

Details

SOLD
IMAGE: Jorge Portela, Michael Kavaler, Danny Finkle, Kim Flores, Eric Williams, Cameron Beck, Jeffrey Cicurel & Alex Sharrin DATE: 01/25/2023 ADDRESS: 170 Village Commons Drive MARKET: St. Augustine ASSET TYPE: Retail BUYER: Michael Tsoumpas SELLER: Stiles Corporation JV Cantrell & Morgan BROKERS: Danny Finkle, Eric Williams, Jorge Portela, Kim Flores, Michael Kavaler, Cameron Beck, Alex Sharrin & Jeffrey Cicurel - JLL SALE PRICE: $24,100,000 SF: 52,070 ~ PPSF: $463 .Augustine

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,285,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$85,622.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$114,246.30
Annual Debt Service$1,370,955.54