Related Group, BH Group & PEBB Enterprises Acquire Retail Property In Riviera Beach For $19.2M
SOLD
$19,200,000
Florida
See Similar DealsRetail65,908 SF
Sold 09/22/2023
SOLD
Related Group, BH Group & PEBB Enterprises Acquire Retail Property In Riviera Beach For $19.2M
2401 North Ocean Drive
See Similar DealsRetail65,908 SF
Sold 09/22/2023
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$291
Total Square Footage:65,908 SF
Transaction Type:Sale
The property involved in this transaction is a retail asset located at 2401 North Ocean Drive in Riviera Beach. The property spans across 65,908 square feet. The sale price for this retail property was $19,200,000, resulting in a price per square foot of $291.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $19,200,000
- Address: 2401 North Ocean Drive, Riviera Beach
- Market: Riviera Beach
The buyers of this retail property were Related Group, BH Group, and PEBB Enterprises. The sellers were Pebb Capital, represented by Todd Rosenberg. JLL Retail Capital Markets served as the broker for this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,024,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$68,213.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$91,017.80
Annual Debt Service$1,092,213.54
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