Parmenter Realty Partners Acquires Palm Beach Gardens Office Portfolio For $81M
7108 Fairway Drive, Palm Beach Gardens, Florida 33418, United States
$81,200,000
$362/SF
Building Size
224,000 SF
Asset Type
Office
Closing
Jan 26, 2022
AI
The office property located at 7108, 7111 & 7121 Fairway Drive in Palm Beach Gardens has been sold for a total of $81,200,000. The property spans across 16 acres and offers a total of 224,000 square feet of space. The sale price equates to approximately $363 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $81,200,000
- Address: 7108, 7111 & 7121 Fairway Drive, Palm Beach Gardens
- Market: Palm Beach Gardens
- Size: 224,000 square feet
The buyer of the property is Parmenter Realty Partners, represented by Darryl Parmenter and John Davidson. On the other hand, the seller is a combination of C-III Capital Partners, Andrew Farkas, and NAI/Merin Hunter Codman, represented by Dung Lam, Neil Merin, and Jordan Paul.
Players
Palm Beach Gardens Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93