11940 Highway One Realty LLC Acquires Carl's Plaza From Bass Pro Shops For $7M
11940 U.S. Hwy 1 N, North Palm Beac...
$7,000,000
$93/SF
Building Size
74,940 SF
Asset Type
Retail
Closing
Apr 27, 2018
AI
The property involved is Carl's Plaza, located at 11940 U.S. Hwy 1 N, North Palm Beach. This retail asset was sold by Bass Pro Shops for $7,000,000.00. The property spans 74,940 square feet and is situated in the Upper Darby market. Bass Pro Shops had purchased the property in 2014 for $5.5 million with plans to develop a World Wide Sportsman store and retail space.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $7,000,000.00
- Buyer's Representative: Timothy F. Vallace (TFV Real Estate Advisors)
- Buyer: 11940 Highway One Realty LLC
- Seller: Bass Pro Shops
- Square Footage: 74,940
The buyer, 11940 Highway One Realty LLC, is a partnership between NTK Partners and RJS Partners led by Robert J. Sullivan. The original intent for Bass Pro Shops to develop a World Wide Sportsman store on the 6-acre site did not materialize. After winning county approval for the development plans, Bass Pro Shops decided to sell the property.
Players
Upper Darby 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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93