Sholom Eckhaus And Shea Schneider Acquire Retail Property In Port St Lucie For $2.8M
7630 US Route 1
$2,800,000
$164/SF
Building Size
17,000 SF
Asset Type
Retail
Closing
Sep 4, 2024
AI
The property asset involved in this transaction is located at 7630 S US HWY 1, Port St Lucie. It is categorized as a retail property, encompassing a total space of 17,000 square feet and transacted for a sale price of $2,800,000, resulting in a price per square foot of $164.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $2,800,000
- Address: 7630 S US HWY 1
- Market: Port St Lucie
- Square Footage: 17,000
- Price Per Square Foot: $164
- Buyer: Sholom Eckhaus & Shea Schneider - Vennco Equities
- Seller: Anthony Altino
- Broker: Charles Moody - Horvath & Tremblay
Sholom Eckhaus and Shea Schneider, representing Vennco Equities, have expressed enthusiasm regarding the acquisition, indicating plans to develop the property into a vibrant retail hub that will benefit the surrounding community. This acquisition marks a significant expansion for Vennco Equities' portfolio of strip retail centers.
Port Saint Lucie 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
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93