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Cavan Companies Sells Development Site In Peoria, AZ For $11.1M
SOLD
$11,100,000
Arizona
See Similar DealsDevelopment Site
Sold 04/10/2024
SOLD
Cavan Companies Sells Development Site In Peoria, AZ For $11.1M
Development Site
Sold 04/10/2024
Summary
Asset Type:Development Site
Transaction Type:Sale
The $11.1 million sale of 83 Marketplace, a newly constructed Class A retail center developed by Cavan Companies in Peoria, Arizona, has been finalized by Western Retail Advisors, a Phoenix-based brokerage firm. The property is located at 83rd Avenue & Happy Valley Road in Peoria, AZ.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $11,100,000
- Address: 83rd Avenue & Happy Valley Road
- Market: Peoria, AZ
- Seller: Cavan Companies
- Buyer's Rep: Scott Johnson
- Seller's Rep: Brian Gausden & Jake McClaughry - Western Retail Advisors
Scott Johnson represented the buyer in the transaction, while Brian Gausden and Jake McClaughry, from Western Retail Advisors, represented the seller, Cavan Companies. The $11.1 million deal marks the successful sale of the newly developed retail center in Peoria.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$592,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,435.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,619.66
Annual Debt Service$631,435.96
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