Spirit Realty L.P. Acquires Retail Property In Fort Lauderdale & West Palm Beach For $49.5M
827 South State Road 7, Plantation, FL, USA
$49,500,000
$535/SF
Building Size
92,384 SF
Asset Type
Retail
Closing
Sep 17, 2020
AI
The recently closed property transaction in Fort Lauderdale and West Palm Beach involved the sale of a retail asset located at 827 South SR 7 & 1200 South Congress Avenue. The property has a total area of 92,384 square feet and was sold for a price of $49,500,000, equivalent to a price per square foot of $536. The transaction took place on September 18, 2020. The seller of the property was Off Lease Only Real Estate Holdings LLC.
Summary of Transaction Details:
- Property Type: Retail
- Transaction Amount: $49,500,000
Spirit Realty L.P., represented by Jackson Hsieh, acted as the buyer in this transaction. In the role of buyer's representative, Jackson Hsieh played a key role in facilitating the deal. Please note that no additional information was provided regarding the buyer or their representative.
Players
Plantation 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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93