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Urban Stearns Acquires San Pedro Office Building On 222 W 6th St For $29M

Property Image
SOLD
$29,000,000
Scott Schumacher
Kevin Shannon
+ 2

British Columbia

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Office292,540 SF
Sold
the dealplayerscompscontact
Property Image
SOLD

Urban Stearns Acquires San Pedro Office Building On 222 W 6th St For $29M

222 W 6th St

See Similar Deals
Office292,540 SF
Sold
Scott Schumacher
Kevin Shannon
+ 2
Contact now

Summary

Asset Type:Office
Price Per Square Foot:$99
Total Square Footage:292,540 SF
Transaction Type:Sale

An office property located at 222 W 6th St in San Pedro has been sold in a transaction involving Urban Stearns as the buyer and Harbor Associates & Platform Ventures as the seller. The property, spanning 292,540 square feet, was sold for a total price of $29,000,000, equating to a price per square foot of $99.

Summary of transaction details:

The sale of this office property was facilitated by brokers Kevin Shannon, Ken White, Chris Benton, Scott Schumacher, and Anthony Muhlstein from Newmark. Their expertise and negotiation skills played a crucial role in closing this transaction successfully. This sale marks an important milestone for both the buyer, Urban Stearns, and the seller, Harbor Associates & Platform Ventures, in the San Pedro market.

Players

Ken White
96 deals$6.1B volume
BROKER

Anthony Muhlstein
Newmark
25 deals$1.1B volume
BROKER

Scott Schumacher
Newmark
15 deals$665.2M volume
BROKER

Kevin Shannon
Newmark
136 deals$9.1B volume
BROKER

Chris Benton
Newmark
20 deals$709.6M volume
BROKER

Harbor Associates
SELLER

Details

SOLD
IMAGE: Kevin Shannon, Ken White, Chris Benton, Scott Schumacher & Anthony Muhlstein DATE: 04/11/2023 ADDRESS: 222 W 6th St MARKET: San Pedro ASSET TYPE: Office BUYER: Urban Stearns SELLER: Harbor Associates & Platform Ventures BROKERS: Kevin Shannon, Ken White, Chris Benton (@BentonCW), Scott Schumacher & Anthony Muhlstein (@AnthonyMuhlstein)- Newmark (@Newmark) SALE PRICE: $29,000,000 SF: 292,540 ~ PPSF: $99

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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