Fundrise Acquires Industrial Property In Litchfield Park For $82.6M
SOLD
$82,600,000
+ 2
Arizona
See Similar DealsIndustrial570 SF
Sold 04/10/2023
SOLD
Fundrise Acquires Industrial Property In Litchfield Park For $82.6M
7421 North Reems Road, Litchfield Park, Arizona 85309, United States
See Similar DealsIndustrial570 SF
Sold 04/10/2023
+ 2
Summary
ARIZONA
Asset Type:Industrial
Price Per Square Foot:$144,912
Total Square Footage:570 SF
Transaction Type:Sale
An industrial property located at 7421 N. Reems Road in Litchfield Park has been sold for a total price of $82,600,000. The property spans 570,080 square feet, resulting in a price per square foot of $145. The transaction occurred on April 10, 2023. The buyer of the property is Fundrise, while the seller is CRG.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $82,600,000
- Square Footage: 570,080
- Price Per Square Foot: $145
- Date: April 10, 2023
- Address: 7421 N. Reems Road, Litchfield Park
- Buyer: Fundrise
- Seller: CRG
The deal was facilitated by Cushman & Wakefield, with brokers Will Strong, Phil Haenel, Micki Strain, Kirk Kuller, and Molly Hunt representing both the buyer and the seller.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,405,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$293,460.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$391,566.14
Annual Debt Service$4,698,793.69
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