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7100 North Mockingbird Lane...

Updated Oct 29, 2024

HexClad Cookware Founder Acquires Paradise Valley's Ascension Lutheran Church For $11M
SOLDChurch

HexClad Cookware Founder Acquires Paradise Valley's Ascension Lutheran Church For $11M

7100 North Mockingbird Lane Paradise Valley, Arizona 85253, USA

$11,000,000

Building Size

Asset Type

Church

Closing

Aug 7, 2023

About this deal

AI

The Ascension Lutheran Church in Paradise Valley, Arizona has been sold to Cole Mecray, the co-founder of HexClad Cookware, for a staggering $11 million. The sale price surpassed the listing price by $500,000, highlighting Mecray's eagerness to acquire this property.

Summary of transation details

  • Property Type: Church
  • Transaction Amount: $11,000,000
  • Buyer: HexClad Cookware - Cole Mecray
  • Seller: Ascension Lutheran Church

Cole Mecray's involvement in the renowned HexClad Cookware, associated with Chef Gordon Ramsay, adds a unique dynamic to this transaction. His interest in acquiring the Ascension Lutheran Church showcases his ventures beyond the culinary industry. This purchase not only highlights Mecray's successful business ventures but also emphasizes his appreciation for valuable properties in Paradise Valley, Arizona.

Players

Paradise Valley Church Market Snapshot

Boundary boundary · Church · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.44%

Cash-on-Cash

-0.41%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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