Fort Ashford Funds Acquires Commercial Property In Long Beach From Fortress Investment Group For $29M
SOLD
$29,000,000
California
See Similar DealsCommercial48,000 SF
Sold 04/12/2019
SOLD
Fort Ashford Funds Acquires Commercial Property In Long Beach From Fortress Investment Group For $29M
600 East Broadway, Long Beach, CA, USA
See Similar DealsCommercial48,000 SF
Sold 04/12/2019
Summary
CALIFORNIA
Asset Type:Commercial
Price Per Square Foot:$604
Total Square Footage:48,000 SF
Transaction Type:Sale
A commercial property located at 600 E. Broadway in Long Beach has been sold for a price of $29 million. The property has a total area of 48,000 square feet with a price per square foot of $604. The transaction took place on 04/12/2019 and involved the buyer, Fort Ashford Funds, and the seller, Fortress Investment Group. The deal was facilitated by Andy Chana and Daniel Hoogesteger from Sands Investment Group.
Summary of transaction details
- Property Type: Commercial Property
- Transaction Amount: $29 million
- Address: 600 E. Broadway, Long Beach
- Market: Long Beach
- Total Area: 48,000 square feet
- Price per Square Foot: $604
- Buyer: Fort Ashford Funds
- Seller: Fortress Investment Group
- Brokers: Andy Chana, Daniel Hoogesteger - Sands Investment Group
Andy Chana and Daniel Hoogesteger from Sands Investment Group represented the buyer and seller, respectively, in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,546,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$103,030.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$137,474.80
Annual Debt Service$1,649,697.54
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