Harridge Development Group Acquires Development Site In San Pedro For $151.6M
SOLD
$151,600,000
California
See Similar DealsDevelopment Site190,000 SF
Sold 04/26/2018
SOLD
Harridge Development Group Acquires Development Site In San Pedro For $151.6M
26900 South Western Avenue, San Pedro, CA, USA
See Similar DealsDevelopment Site190,000 SF
Sold 04/26/2018
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$797
Total Square Footage:190,000 SF
Transaction Type:Sale
A development site located at 26900 South Western Avenue in San Pedro, Los Angeles, has been sold for $151,600,000. The property was sold by iStar to Harridge Development Group, represented by David Schwartzman. The asset is situated in the bustling city of San Pedro, offering immense potential for development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $151,600,000
- Address: 26900 South Western Avenue, Los Angeles
- Market: San Pedro
Harridge Development Group, represented by David Schwartzman, acted as the buyer in this significant transaction. The sale marks a successful deal for both parties involved, showcasing the growth and potential of the real estate market in San Pedro.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,085,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$538,602.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$718,661.34
Annual Debt Service$8,623,936.11
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