Kite Realty Group Acquires Retail Property In Boca Raton For $35.8M
SOLD
$35,750,000
Florida
See Similar DealsRetail68,983 SF
Sold 07/25/2022
SOLD
Kite Realty Group Acquires Retail Property In Boca Raton For $35.8M
22161 Powerline Road, Boca Raton, Florida 33433, United States
See Similar DealsRetail68,983 SF
Sold 07/25/2022
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$518
Total Square Footage:68,983 SF
Transaction Type:Sale
A retail property in Boca Raton, located at 22161 & 22191 Powerline Road, has been sold for $35,750,000. The property spans across 7.6 acres and has a total square footage of 68,983. The sale price per square foot was $518.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $35,750,000
- Address: 22161 & 22191 Powerline Road, Boca Raton
- Market: Boca Raton
- Acres: 7.6
The buyer in this transaction was Kite Realty Group, represented by John A. Kite. The seller, Crow Holdings, was represented by Michael Levy.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$127,012.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$169,473.24
Annual Debt Service$2,033,678.87
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