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Industrial Outdoor Ventures (IOV) Acquires Wilmington, CA Industrial Property For $9M

Property Image
SOLD
$9,000,000

California

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Sold 12/01/2022
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Property Image
SOLD

Industrial Outdoor Ventures (IOV) Acquires Wilmington, CA Industrial Property For $9M

302 Lakme Ave, Wilmington, CA 90744, USA

See Similar Deals
Sold 12/01/2022
the dealplayerscompscontact
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Summary

CALIFORNIA
Transaction Type:Sale

An industrial property located at 302 Lakme Ave in Wilmington, CA has been sold for $9,000,000. The property spans across a lot size of 47,500 square feet, resulting in a price per square foot of $189.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $9,000,000
  • Lot Size: 47,500 square feet
  • Price per Square Foot: $189
  • Address: 302 Lakme Ave, Wilmington, CA

The buyer of the property was Industrial Outdoor Ventures (IOV), represented by Benjamin Backer. The seller, Susan Shimmin, successfully closed the transaction. The buyer was supported by Roy Harel and Jonathan Lee from Nublock Partners, who acted as their representatives during the deal.

Players

IV
Industrial Outdoor Ventures
BUYER
SS
Susan Shimmin
2 deals$18M volume
SELLER

Details

SOLD
IMAGE: Roy Harel, Jonathan Lee & Benjamin Backer DATE: 12/01/2022 ADDRESS: 302 Lakme Ave MARKET: Wilmington, CA ASSET TYPE: Industrial BUYER: Industrial Outdoor Ventures (IOV) - Benjamin Backer (@BenBacker) SELLER: Susan Shimmin BUYER'S REP: Roy Harel (@RoyHarel310) & Jonathan Lee (@Simpleejonathan)- Nublock Partners (@Nublock_Partners) SALE PRICE: $9,000,000 LOT SF: 47,500 ~ PPLSF: $189

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$480,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10