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Stablewood Properties Acquires 11,700 Square Feet Retail Center In Sunrise From Konover South For $5.7M
SOLD
$5,700,000
Florida
See Similar DealsRetail11,700 SF
Sold 10/09/2024
SOLD
Stablewood Properties Acquires 11,700 Square Feet Retail Center In Sunrise From Konover South For $5.7M
9400 West Commercial Boulevard
See Similar DealsRetail11,700 SF
Sold 10/09/2024
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$487
Total Square Footage:11,700 SF
Transaction Type:Sale
The transaction involves a retail center known as West Commercial Landings, located at 9400-9440 West Commercial Boulevard in the Sunrise market. The property was sold for a total of $5,700,000 and encompasses 11,700 square feet, translating to a price per square foot of $487. At the time of the sale, the retail center was 87% leased.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $5,700,000
- Address: 9400-9440 West Commercial Boulevard
- Market: Sunrise
- Square Footage: 11,700
- Price Per Square Foot: $487
- Buyer: Stablewood Properties
- Seller: Konover South
- Brokers: Drew Kristol & Kirk Olson - Marcus & Millichap
Drew Kristol and Kirk Olson were the brokers representing the seller, Konover South, in this transaction, facilitating the sale to the buyer, Stablewood Properties. Marcus & Millichap played a key role in brokeraging the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$304,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$20,250.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,020.91
Annual Debt Service$324,250.90
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