Parmenter Realty Partners Acquires Palm Beach Gardens Office Portfolio For $81M
SOLD
Florida
See Similar DealsOffice224,000 SF
Sold 01/26/2022
SOLD
Parmenter Realty Partners Acquires Palm Beach Gardens Office Portfolio For $81M
7108 Fairway Drive, Palm Beach Gardens, Florida 33418, United States
See Similar DealsOffice224,000 SF
Sold 01/26/2022
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$362
Total Square Footage:224,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,330,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$288,486.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$384,929.43
Annual Debt Service$4,619,153.12
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