R. Scott Dennis Of Invesco Real Estate Acquires Retail Asset In West Palm Beach For $133.25M
1821 Palm Beach Lakes Boulevard
$133,250,000
$438/SF
Building Size
303,776 SF
Asset Type
Retail
Closing
Jun 3, 2025
AI
The retail asset involved in the sale is located at 1751 Palm Beach Lakes Boulevard in West Palm Beach. The property was sold for $133,250,000, covering a space of 303,776 square feet, with a price per square foot of $439.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $133,250,000
- Address: 1751 Palm Beach Lakes Boulevard
- Market: West Palm Beach
- Square Footage: 303,776
- Price per Square Foot: $439
- Cap Rate: 3.81%
- Buyer: R. Scott Dennis - Invesco Real Estate
- Seller: Barry Sternlicht - Starwood Capital Group
- Loan Amount: $79,000,000
- Interest Rate: 3.454%
The transaction featured R. Scott Dennis representing Invesco Real Estate in the acquisition from Barry Sternlicht representing Starwood Capital Group. The property is fully leased and anchored by major retailers including Whole Foods, Nordstrom Rack, and Burlington.
Players
West Palm Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93