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Joseph Sanz Of Orion Real Estate Group Acquires Retail Asset In Davenport For $63.5M
SOLD
$63,500,000
+ 1
Florida
See Similar DealsRetail731,000 SF
Sold
SOLD
Joseph Sanz Of Orion Real Estate Group Acquires Retail Asset In Davenport For $63.5M
Retail731,000 SF
Sold
+ 1
Summary
Asset Type:Retail
Price Per Square Foot:$86
Total Square Footage:731,000 SF
Transaction Type:Sale
The property asset involved in the transaction is a retail space located at Highway 27 & I-4 in Davenport. The sale price for the asset was $63,500,000, with a square footage of 731,000, translating to a price per square foot of $87.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $63,500,000
- Buyer: Joseph Sanz - Orion Real Estate Group
- Seller: Michael C. Phillips - PREP Property Group
- Brokers: Brad Peterson, Whitaker Leonhardt & Eric AmRhein - Colliers
- Mortgage Broker: BayBridge Real Estate Capital
The transaction was facilitated by the brokerage firm Colliers, represented by Brad Peterson, Whitaker Leonhardt, and Eric AmRhein. Joseph Sanz from Orion Real Estate Group and Michael C. Phillips from PREP Property Group were key players in the deal, with the former acquiring the property from the latter.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,386,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$225,602.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$301,022.40
Annual Debt Service$3,612,268.75
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