Rug King Acquires Retail Property In Sanford For $7M
350 Towne Center Circle
$7,000,000
$58/SF
Building Size
120,000 SF
Asset Type
Retail
Closing
Jun 18, 2024
About this deal
AI
The retail property located at 350 Towne Center Circle in Sanford was recently sold for $7,000,000. Spanning 120,000 square feet, the property was acquired by Amit & Ashok Soni Dba Rug King from Felix Reznick of 4th Dimension Properties. The transaction was facilitated by Steve Schrenk and Marc Mandel of Forged Real Estate representing the buyers, while the sellers were represented by Vanesa Rodriguez and Daniel Solomon of Katz & Associates Real Estate Advisors.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,000,000
- Market: Sanford
- Buyer: Amit & Ashok Soni Dba Rug King
- Seller: Felix Reznick - 4th Dimension Properties
- Buyer's Rep: Steve Schrenk & Marc Mandel - Forged Real Estate
- Seller's Rep: Vanesa Rodriguez & Daniel Solomon - Katz & Associates Real Estate Advisors
- SF: 120,000
- PPSF: $58
The deal involved key individuals such as Steve Schrenk, Marc Mandel, Vanesa Rodriguez, and Daniel Solomon, representing the buyers and sellers in the transaction. Amit & Ashok Soni Dba Rug King's acquisition adds to their real estate portfolio, while Felix Reznick completes the sale of the property as part of 4th Dimension Properties' strategic real estate transactions in the market.
On the Map
$7,000,000
$58/SF
Retail
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Players
Sanford 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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93