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Benderson Development Co. Acquires Retail Property In Delray Beach For $9.4M

Property Image
SOLD
$9,400,000
Kirk Olson
Drew Kristol
Jodie W. McLean

Florida

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Retail34,087 SF
Sold 02/05/2021
the dealplayerscompscontact
Property Image
SOLD

Benderson Development Co. Acquires Retail Property In Delray Beach For $9.4M

555 Northeast 5th Avenue, Delray Beach, FL, USA

See Similar Deals
Retail34,087 SF
Sold 02/05/2021
Kirk Olson
Drew Kristol
Jodie W. McLean
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$275
Total Square Footage:34,087 SF
Transaction Type:Sale

Located at 555 & 455 NE 5th Avenue in Delray Beach, this retail property was recently sold in a closed transaction. The property spans a total area of 34,087 square feet and was sold for a price of $9,400,000, resulting in a price per square foot of $276. The transaction took place on February 5, 2021.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $9,400,000
  • Address: 555 & 455 NE 5th Avenue, Delray Beach
  • Buyers: David G. Baldauf, Shaun Benderson, & Stephen C. Scalione - Benderson Development Co.
  • Seller: Jodie W. McLean - Edens
  • Brokers: Kirk D. Olson & Drew A. Kristol - Marcus & Millichap
  • Market: Delray Beach

The buyers of this property were David G. Baldauf, Shaun Benderson, and Stephen C. Scalione, representing Benderson Development Co. On the other hand, Jodie W. McLean, the representative of Edens, acted as the seller in this transaction. The brokers involved in the deal were Kirk D. Olson and Drew A. Kristol from Marcus & Millichap.

Players

Drew Kristol
Marcus & Millichap
Drew Kristol
46 deals$560.5M volume(786) 522-7065
BROKER
Kirk Olson
Marcus & Millichap
Kirk Olson
46 deals$569.8M volume(786) 522-7064
BROKER
Benderson Development
Benderson Development
BUYER
Jodie W. McLean
Edens
Jodie W. McLean
8 deals$359.1M volume
SELLER

Details

SOLD
IMAGE: Jodie W. McLean, Shaun Benderson, & Drew A. Kristol DATE: 02/05/2021 ADDRESS: 555 & 455 NE 5th Avenue MARKET: Delray Beach ASSET TYPE: Retail BUYERS: David G. Baldauf, Shaun Benderson, & Stephen C. Scalione - Benderson Development Co. SELLER: Jodie W. McLean - Edens BROKERS: Kirk D. Olson & Drew A. Kristol - Marcus & Millichap PRICE: $9,400,000 SF: 34,087 ~ PPSF: $276

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$33,396.23
Cash-on-Cash Return-1.27%
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