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Soloviev Group Acquires Delray Beach Retail & Office Portfolio For $32M

Property Image
SOLD
$32,000,000

Florida

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Retail120,780 SF
Sold 02/09/2023
the dealplayerscompscontact
Property Image
SOLD

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

See Similar Deals
Retail120,780 SF
Sold 02/09/2023
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$264
Total Square Footage:120,780 SF
Transaction Type:Sale

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.

Players

SS
Stefan Soloviev
5 deals$169M volume
BUYER

Details

SOLD
IMAGE: Stefan Soloviev DATE: 02/09/2023 ADDRESS: 2 E Atlantic Avenue, 203-209 E Atlantic Avenue, 11 S Swinton Avenue, 5SE 2nd Avenue & 9 NE 2nd Avenue MARKET: Delray Beach ASSET TYPE: Retail & Office ~ ACRES: 0.85 BUYER: Soloviev Group - Stefan Soloviev (@StefanSoloviev) SELLER: Leviathan Land Group - Paul Heimberg, Debra Cohen & Steven Cohen; Boej LLC; Pineapple Grove Investment Group SALE PRICE: $32,000,000 SF: 24,156 ~ PPSF: $1,325

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

$1,706,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$113,689.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,696.33
Annual Debt Service$1,820,355.91