David Simon Of Simon Property Group Acquires Retail Asset In Boca Raton For $23M
5900 West Glades Road
$23,000,000
$127/SF
Building Size
180,029 SF
Asset Type
Retail
Closing
Jun 11, 2025
About this deal
AI
The asset involved in this closed property transaction is a retail space located at 5900 West Glades Road in Boca Raton. The transaction includes an acquisition of a vacant 180,029 square foot former Sears building for a total sale price of $23,000,000, which equates to $128 per square foot. The site encompasses approximately 18.6 acres.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $23,000,000
- Square Footage: 180,029
- Price per Square Foot: $128
- Address: 5900 West Glades Road
- Market: Boca Raton
- Buyer: David Simon - Simon Property Group
- Seller: Adam Metz - Seritage Growth Properties
The acquisition is a part of Simon Property Group's strategy to consolidate anchor parcels, following similar transactions at Dadeland and other South Florida malls. Adam Metz represents Seritage Growth Properties in this deal.
On the Map
$23,000,000
$127/SF
Retail
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Players
Boca Raton 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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93