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Boca Gas Co. Acquires Retail Property On 2.2 Acres In Coconut Creek For $10.4M

Property Image
SOLD
$10,400,000
Ronnie Issenberg
Ricardo Esteves
+ 1

Florida

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Retail94,090 SF
Sold 09/01/2021
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Property Image
SOLD

Boca Gas Co. Acquires Retail Property On 2.2 Acres In Coconut Creek For $10.4M

6350 State Road 7

See Similar Deals
Retail94,090 SF
Sold 09/01/2021
Ronnie Issenberg
Ricardo Esteves
+ 1
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$110
Total Square Footage:94,090 SF
Transaction Type:Sale

The property involved in this transaction is a retail asset located at 6350 N State Road 7 and 6330 US-331 South in Coconut Creek. The property spans across 2.2 acres and has a total area of 94,090 square feet. The sale took place on September 1, 2021, and the property was acquired by Boca Gas Co. The transaction was facilitated by brokers Michael Salafia, Gabriel Britti, Ricardo Esteves, and Ronnie Issenberg from Marcus & Millichap. The sale price for the property was $10,400,000, resulting in a price per square foot of $111.

Summary of transaction details:

The transaction involved key individuals such as Michael Salafia, Gabriel Britti, Ricardo Esteves, and Ronnie Issenberg from Marcus & Millichap, who represented the buyer, Boca Gas Co. The acquisition marked a significant investment for the buyer in the Coconut Creek market, with the property offering a total area of 94,090 square feet and an attractive price per square foot of $111.

Players

Gabriel Britti
70 deals$502.2M volume(786) 522-7017
BROKER

Ricardo Esteves
Marcus & Millichap
60 deals$419.6M volume(786) 522-7054
BROKER

Ronnie Issenberg
Marcus & Millichap
71 deals$509.2M volume(786) 522-7013
BROKER

Michael Salafia
Marcus & Millichap
1 deal$10.4M volume
BROKER

BUYER

Details

SOLD
IMAGE: Ronnie Issenberg, Ricardo Esteves, Gabriel Britti & Michael Salafia DATE: 09/01/2021 DATE: 01/25/2022 ADDRESS: 6350 N State Road 7 & 6330 US-331 South MARKET: Coconut Creek ASSET TYPE: Retail ~ ACRES: 2.2 BUYER: Boca Gas Co. BROKERS: Michael Salafia, Gabriel Britti, Ricardo Esteves & Ronnie Issenberg - Marcus & Millichap SALE PRICE: $10,400,000 SF: 94,090 ~ PPSF: $111

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

$554,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$36,949.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,301.31
Annual Debt Service$591,615.67