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Sterling Organization Acquires Retail Property In Margate, Coral Springs For $37.4M

Property Image
SOLD
$37,400,000

Florida

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Retail171,299 SF
Sold 05/29/2022
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Property Image
SOLD

Sterling Organization Acquires Retail Property In Margate, Coral Springs For $37.4M

3300 Northwest 62nd Avenue, Margate, Florida 33063, United States

See Similar Deals
Retail171,299 SF
Sold 05/29/2022
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$218
Total Square Footage:171,299 SF
Transaction Type:Sale

The retail property located at 3300 NW 62nd Ave in Margate, Coral Springs has been sold for a total price of $37,400,000. The property spans an area of 171,299 square feet, resulting in a price per square foot of $218. The sale took place on May 29, 2022, and the buyer of the property is Sterling Organization, represented by Jordan Fried. The seller of the property is Coral Landings Property Corp.

Summary of Transation Details

  • Property Type: Retail
  • Transaction Amount: $37,400,000
  • Address: 3300 NW 62nd Ave
  • Market: Margate, Coral Springs

Jordan Fried, representing Sterling Organization, played a key role as the buyer in this transaction. Coral Landings Property Corp, on the other hand, acted as the seller. This deal showcases the involvement of these individuals and companies in the sale of the retail property.

Players

Sterling Organization
Sterling Organization
BROKERAGE
Jordan Fried
Sterling Organization
Jordan Fried
10 deals$503.8M volume
BUYER
CC
Coral Landings Property Corp
SELLER

Details

SOLD
IMAGE: Jordan Fried DATE: 05/29/2022 ADDRESS: 3300 NW 62nd Ave MARKET: Margate, Coral Springs ASSET TYPE: Retail BUYER: Sterling Organization - Jordan Fried SELLER: Coral Landings Property Corp SALE PRICE: $37,400,000 SF: 171,299 ~ PPSF: $218

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

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$132,874.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$177,295.08
Annual Debt Service$2,127,540.97