DJK Capital Management Acquires Retail Property In Royal Palm Beach For $34M
501 State Road 7, Royal Palm Beach, Florida 33411, United States
$34,000,000
$206/SF
Building Size
165,064 SF
Asset Type
Retail
Closing
Jul 20, 2022
AI
A retail property located at 501, 573 & 561 N State Road 7 in Royal Palm Beach has been sold for $34,000,000. The property spans 165,064 square feet, resulting in a price per square foot of $206. The sale was finalized on July 21, 2022 and involved DJK Capital Management as the buyer and IMC Equity Group as the seller. The buyer was represented by John Blizzard from DJK Capital Management, while the seller was represented by Ofer Asor from Buy Direct Real Estate and Lorne Gornitsky from KW Commercial.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $34,000,000
- Address: 501, 573 & 561 N State Road 7, Royal Palm Beach
- Market: Royal Palm Beach
- Buyer: DJK Capital Management – John Blizzard
- Seller: IMC Equity Group – Yoram Izhak
- Brokers: Ofer Asor PA - Buy Direct Real Estate; Lorne Gornitsky - KW Commercial
John Blizzard from DJK Capital Management represented the buyer, while Ofer Asor from Buy Direct Real Estate and Lorne Gornitsky from KW Commercial represented the seller in this transaction.
Players
West Palm Beach 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
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93