Updated Feb 12, 2025
David Kelly Purchases Development Site From Daniel Reeves For $8 Million In Covina
529 Cutter Way
$8,000,000
$80/SF
Building Size
99,317 SF
Asset Type
Development Site
Closing
Jan 31, 2025
About this deal
AI
The property asset involved in the transaction is a development site located at 529 Cutter Way in Covina. The sale price of the property was $8,000,000, with a total square footage of 99,317, resulting in a price per square foot of $80.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Address: 529 Cutter Way
- Market: Covina
- Square Footage: 99,317
- Price per Square Foot: $80
- Buyer: David Kelly
- Seller: Daniel Reeves
- Seller's Representative: Eric Chen & Jason Chao - CBRE
This transaction highlights the roles of the key individuals involved, including buyer David Kelly and seller Daniel Reeves. The seller was represented in the deal by Eric Chen and Jason Chao from CBRE, who facilitated the transaction on behalf of the seller.
On the Map
$8,000,000
$80/SF
Development Site
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Players
Covina Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93