SOLDRetail
Centerstone Property Group Acquires Retail Asset In Boca Raton For $9.4 Million
7880 Glades Road
$9,400,000
$258/SF
Building Size
36,351 SF
Asset Type
Retail
Closing
Apr 23, 2025
About this deal
AI
The retail asset at 7880 Glades Road in Boca Raton has been sold for $9,400,000. The property spans 36,351 square feet, translating to a price per square foot of $258. This transaction took place in the Boca Raton market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $9,400,000
- Buyer: Centerstone Property Group, represented by Russell Nova, Ethan Karavani, Andrew Lasky, Lawrence Kuts, and Igor Zakh
- Seller: PEBB Enterprises, represented by Ian Weiner and Eric Hochman; and Banyan Development, represented by Jason Sher and Ross Feurring
- Financial Advisor: Igor Zakh - Cornerstone Capital Financing
- Purchase Date: 04/24/2025
Russell Nova serves as the Principal at Centerstone Property Group, with plans to implement a business strategy focused on converting tenants from Gross to NNN leases. Lawrence Kuts is the Acquisitions Director at Centerstone Property Group, open to connecting on off-market transactions. The company aims to attract high-traffic tenants and lease the Lakeside Terrace to a operator known for its full kitchen and scenic views of the lake.
On the Map
$9,400,000
$258/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
1.69%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93