Azora Private Solutions Acquires Retail Property In West Palm Beach For $7.25M From Gatsby Florida
550 Okeechobee Boulevard
$7,250,000
$1,132/SF
Building Size
6,400 SF
Asset Type
Retail
Closing
Nov 23, 2025
AI
The transaction involves a retail property located at 550 Okeechobee Boulevard in West Palm Beach. The property was sold for a price of $7,250,000. It comprises 6,400 square feet, resulting in a price per square foot of $1,132. This sale marks a significant milestone as the highest price per foot investment sale in the history of West Palm Beach.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,250,000
- Buyer: Azora Private Solutions
- Seller: Gatsby Florida
- Seller's Representative: Michael Ciadella - Cushman & Wakefield
- Square Footage: 6,400
- Price Per Square Foot: $1,132
Michael Ciadella represented the seller in this transaction while enhancing the competitive landscape of investment sales in the region. The involvement of Azora Private Solutions indicates a strategic acquisition in the retail market of West Palm Beach.
Players
West Palm Beach 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
2.19%
Cash-on-Cash
-0.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93