Updated Oct 28, 2024
Plains All American Pipeline Sells 14.19 Acre Development Site In Long Beach For $50.7M
5900 Cherry Avenue, Long Beach, California 90805, United States
$50,700,000
$144/SF
Building Size
351,840 SF
Asset Type
Development Site
Closing
Mar 9, 2022
About this deal
AI
Plains All American Pipeline has sold a development site in Long Beach for $50,700,000. The property, located at 5900 Cherry Avenue, covers an area of 14.19 acres. The sale was facilitated by brokers Andrew Briner, Jim Linn, Bret Hardy, John McMillan, and Danny Williams from Newmark.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $50,700,000
- Address: 5900 Cherry Avenue
- Market: Long Beach
- Acres: 14.19
The involvement of Plains All American Pipeline's brokers, Andrew Briner, Jim Linn, Bret Hardy, John McMillan, and Danny Williams from Newmark, highlights the collaborative efforts in the successful transaction of the development site in Long Beach.
On the Map
$50,700,000
$144/SF
Development Site
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Players
Long Beach 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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93