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.
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Paradise Valley Church Market Snapshot
Boundary boundary · Church · Sale transactions
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Deal FAQ
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