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Raanan Katz's RK Centers Acquires Retail Property In West Palm Beach For $12M

Property Image
SOLD
$12,000,000

Florida

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Retail45,863 SF
Sold 05/13/2020
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Property Image
SOLD

Raanan Katz's RK Centers Acquires Retail Property In West Palm Beach For $12M

1880 Palm Beach Lakes Boulevard, West Palm Beach, FL 33401

See Similar Deals
Retail45,863 SF
Sold 05/13/2020
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$261
Total Square Footage:45,863 SF
Transaction Type:Sale

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

RK Centers
RK Centers
BROKERAGE
Raanan Katz
RK Centers
Raanan Katz
18 deals$641.7M volume
BUYER
OG
Orion Real Estate Group
SELLER

Details

SOLD
IMAGE: Joseph A. Sanz, Raanan Katz & Kevin Sanz DATE: 05/13/2021 ADDRESS: 1880 Palm Beach Lakes Boulevard MARKET: West Palm Beach ASSET TYPE: Retail BUYER: Raanan Katz - RK Centers SELLER: Orion Real Estate Group SALE PRICE: $12,000,000 SF: 45,863 ~ PPSF: $262 ACRES: 4 ~ PPA: $3,000,000

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

$640,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$42,633.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$56,886.12
Annual Debt Service$682,633.47