Macerich Sells Flagstaff Retail Property For $23.5M With Faris Lee Investments As Brokers
4751 East Marketplace Drive
$23,500,000
$87/SF
Building Size
268,000 SF
Asset Type
Retail
Closing
May 5, 2023
About this deal
AI
The retail property located at 4751 East Marketplace Drive in Flagstaff, AZ has been sold in a closed transaction. The property, with a total square footage of 268,000, was sold for a price of $23,500,000, resulting in a price per square foot of $88. The seller of the property was Macerich.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $23,500,000
- Address: 4751 East Marketplace Drive, Flagstaff, AZ
- Market: Flagstaff, AZ
- SF: 268,000
- PPSF: $88
The transaction was facilitated by the brokers Don MacLellan, Jeff Conover, and Scott DeYoung from Faris Lee Investments, representing the seller, Macerich.
On the Map
$23,500,000
$87/SF
Retail
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Players
Flagstaff Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93