Soloviev Group Acquires Delray Beach Retail & Office Portfolio For $32M
2 E Atlantic Avenue, Delray Beach, FL 33444, USA, 203-209 E Atlantic Avenue, Delray Beach, FL 33444, USA, 11 S Swinton Avenue, Delray Beach, FL 33444, USA, 5SE 2nd Avenue, Delray Beach, FL 33444, USA & 9 NE 2nd Avenue, Delray Beach, FL 33444, USA
$32,000,000
$264/SF
Building Size
120,780 SF
Asset Type
Retail
Closing
Feb 9, 2023
AI
Located in Delray Beach, the property at 2 E Atlantic Avenue, 203-209 E Atlantic Avenue, 11 S Swinton Avenue, 5SE 2nd Avenue, and 9 NE 2nd Avenue was recently sold. The retail and office asset spans approximately 0.85 acres and offers a total of 24,156 square feet of space. The transaction took place on 02/09/2023.
Summary of transaction details
- Property Type: Retail & Office
- Transaction Amount: $32,000,000
- Price per Square Foot: $1,325
- Buyer: Soloviev Group - Stefan Soloviev
- Seller: Leviathan Land Group - Paul Heimberg, Debra Cohen, and Steven Cohen; Boej LLC; Pineapple Grove Investment Group
The buyer, Stefan Soloviev, represented the Soloviev Group in the transaction, while the seller was represented by Paul Heimberg, Debra Cohen, and Steven Cohen of Leviathan Land Group, Boej LLC, and Pineapple Grove Investment Group.
Delray 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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93