CTO Realty Growth Acquires Office Building In Tampa For $26.9M
SOLD
$26,900,000
New York
See Similar DealsOffice1,200,000 SF
Sold 08/25/2020
SOLD
CTO Realty Growth Acquires Office Building In Tampa For $26.9M
3620 Queen Palm Dr, Tampa, Fl 33619, Usa
See Similar DealsOffice1,200,000 SF
Sold 08/25/2020
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$22
Total Square Footage:1,200,000 SF
Transaction Type:Sale
The office property located at 3620 Queen Palm Drive in Tampa was recently sold in a closed transaction. The property spans a total area of 120,000 square feet and was sold for a price of $26,900,000, resulting in a price per square foot of $224. The transaction took place on August 25, 2020.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $26,900,000
- Address: 3620 Queen Palm Drive
- Market: Tampa
The seller of the property was Pacer Partners, while the buyer was CTO Realty Growth represented by John Albright.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,434,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$95,570.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$127,519.72
Annual Debt Service$1,530,236.68
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