OLP Bakersfield Acquires Industrial Center From ICI Property LLC For $10.8M
SOLD
$10,800,000
California
See Similar DealsIndustrial
Sold 01/21/2019
SOLD
OLP Bakersfield Acquires Industrial Center From ICI Property LLC For $10.8M
5801 District BLVD, Bakersfield, CA, 9...
See Similar DealsIndustrial
Sold 01/21/2019
Summary
CALIFORNIA
Asset Type:Industrial
Transaction Type:Sale
The industrial distribution center located at 5801 District Blvd in Bakersfield, CA has been sold for $10.8 million. The property, built in 1980, spans 220,180 square feet on 15.4 acres. It offers 24-foot to 28-foot clearance, expandable loading, sufficient power, secured outside yard areas, and proximity to rail service. Men's Wearhouse is the current single-tenant occupying the space on an NNN lease basis.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $10,800,000.00
- Buyer: OLP Bakersfield Ca LLC
- Seller: ICI Property LLC
- Address: 5801 District Blvd, Bakersfield, CA
- Market: Bakersfield
- Buyer's Rep: David Maling (Avison Young)
- Broker: Patrick Barnes (Avison Young)
Colliers International facilitated the transaction, representing both the buyer and the seller. The team involved in the deal includes Patrick Barnes, Stephen Haupt, Christopher Maling, and David Maling. This acquisition was completed by OLP Bakersfield Ca LLC, a private investor, purchasing the property from ICI Property LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$576,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$38,370.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$51,197.51
Annual Debt Service$614,370.12
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