Square Mile Capital Acquires Development Site In Pleasanton For $65.9M
SOLD
$65,900,000
+ 2
California
See Similar DealsDevelopment Site
Sold 06/14/2022
SOLD
Square Mile Capital Acquires Development Site In Pleasanton For $65.9M
3300 Busch Road, Pleasanton, California 94566, United States
See Similar DealsDevelopment Site
Sold 06/14/2022
+ 2
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale
A 50.5-acre development site located at 3300 Busch Rd. in Pleasanton has been sold for a total of $65,900,000. The property was sold by Kiewit Corp. to Square Mile Capital, represented by Craig Solomon. The transaction took place on June 14, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $65,900,000
- Address: 3300 Busch Rd., Pleasanton
- Market: Pleasanton
- Buyer: Square Mile Capital - Craig Solomon
- Seller: Kiewit Corp.
- Brokers: Michael Lloyd & Larry Easterly - Colliers; Sam Higgins & Tom Damaschino - KBC Advisors
Craig Solomon, representing Square Mile Capital, played a key role in the transaction as the buyer. On the other side, Kiewit Corp. acted as the seller. The deal was facilitated by the brokers Michael Lloyd, Larry Easterly, Sam Higgins, and Tom Damaschino from Colliers and KBC Advisors, respectively.
Players
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,514,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$234,128.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$312,399.62
Annual Debt Service$3,748,795.45
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