GardenCommercial Acquires Plaza Del Mar Retail Center In Manalapan For $37 Million
250 South Ocean Boulevard
$37,000,000
$441/SF
Building Size
83,841 SF
Asset Type
Retail
Closing
Jan 7, 2025
About this deal
AI
The property asset involved in this transaction is an 83,841-square-foot retail center located at 250 South Ocean Boulevard in Manalapan, consisting of 10.3 acres. The transaction occurred for a total price of $37,000,000, resulting in a price per square foot of $441.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $37,000,000
- Address: 250 South Ocean Boulevard
- Market: Manalapan
- Square Footage: 83,841
- Price per Square Foot: $441
- Buyer: GardenCommercial
- Seller: Evergreen Investment Advisors; Sydney Kitson - Kitson & Partners
- Buyer's Representative: Michael Gartenberg & Scott Loventhal - Garden Commercial
- Seller's Representative: Casey Rosen & Dennis Carson - CBRE
Manalapan Plaza Del Mar LLC, an affiliate of GardenCommercial, completed the acquisition of Plaza Del Mar. CBRE's Casey Rosen and Dennis Carson were tasked with representing the seller in this transaction, while the buyer managed their own representation internally.
On the Map
$37,000,000
$441/SF
Retail
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Players
Lantana 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
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93