Raanan Katz's RK Centers Acquires Retail Property In West Palm Beach For $12M
1880 Palm Beach Lakes Boulevard, West Palm Beach, FL 33401
$12,000,000
$261/SF
Building Size
45,863 SF
Asset Type
Retail
Closing
May 13, 2020
About this deal
AI
Located at 1880 Palm Beach Lakes Boulevard in West Palm Beach, this retail property was recently sold in a transaction valued at $12,000,000. The asset spans 45,863 square feet and sits on a 4-acre lot. The price per square foot for this sale was $262, while the price per acre amounted to $3,000,000. The seller in this deal was Orion Real Estate Group, and the buyer was Raanan Katz, representing RK Centers.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $12,000,000
- Address: 1880 Palm Beach Lakes Boulevard
- Market: West Palm Beach
- Square Footage: 45,863
- Price per Square Foot: $262
- Lot Size: 4 acres
- Price per Acre: $3,000,000
Raanan Katz, representing RK Centers, successfully acquired this retail property from Orion Real Estate Group in May 2021. This transaction marks an important collaboration between two notable real estate entities, solidifying their presence in the West Palm Beach market.
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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93