BentallGreenOak Acquires 29-Acre Industrial Property In Newark From Metropolitan Life Insurance With Tenant Amazon For $138M
SOLD
$138,000,000
California
See Similar DealsIndustrial575 SF
Sold 04/01/2023
SOLD
BentallGreenOak Acquires 29-Acre Industrial Property In Newark From Metropolitan Life Insurance With Tenant Amazon For $138M
38811 Cherry Street, Newark, California 94560, United States
See Similar DealsIndustrial575 SF
Sold 04/01/2023
Summary
CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$240,000
Total Square Footage:575 SF
Transaction Type:Sale
The industrial property located at 38811 Cherry Street in Newark has been sold in a recent transaction. The property spans over 29 acres, offering ample space for industrial activities. The sale took place on January 4, 2023.
Summary of Transaction Details
- Property Type: Industrial
- Address: 38811 Cherry Street, Newark
- Market: Newark
- Acres: 29
The property was purchased by BentallGreenOak, with representatives Sonny Kalsi & John Carrafiell overseeing the deal. On the other hand, Metropolitan Life Insurance acted as the seller. The sale price for the property amounted to $138,000,000. Additionally, the property offers a total square footage of 575,000, resulting in a price per square foot of $240.
Notably, the tenant occupying the property is Amazon. This adds to the appeal of the industrial asset and highlights its significance in the market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,360,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$490,284.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$654,190.40
Annual Debt Service$7,850,284.85
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