New York Life Investments Acquires Industrial Property In Rialto For $84.2M
SOLD
$84,200,000
California
See Similar DealsIndustrial274,494 SF
Sold 05/30/2023
SOLD
New York Life Investments Acquires Industrial Property In Rialto For $84.2M
3350 Enterprise Drive
See Similar DealsIndustrial274,494 SF
Sold 05/30/2023
Summary
CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$306
Total Square Footage:274,494 SF
Transaction Type:Sale
A 274,494 square foot industrial property located at 3350 Enterprise Drive in Rialto has been sold for $84,200,000. The property was acquired by New York Life Investments, represented by Daniel Gazzola, while TA Realty, represented by Sean Driscoll, served as the seller. The transaction was facilitated by Jeffrey Cole from Cushman & Wakefield.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $84,200,000
- Address: 3350 Enterprise Drive
- Market: Rialto
The deal involved two key individuals and companies. Daniel Gazzola represented New York Life Investments in the acquisition of the industrial property. Sean Driscoll acted as the seller, representing TA Realty. Jeffrey Cole played an important role as the broker from Cushman & Wakefield, facilitating the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,490,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$299,144.81
Cash-on-Cash Return-1.27%
Monthly Debt Service$399,150.96
Annual Debt Service$4,789,811.48
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