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Lake Creek Industrial Acquires Apple Valley Industrial Property For $19.1M

Property Image
SOLD
$19,147,500

California

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Industrial9,117,543 SF
Sold 04/07/2023
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Property Image
SOLD

Lake Creek Industrial Acquires Apple Valley Industrial Property For $19.1M

Central Rd & Corwin RdApple Valley, CA 92307, USA

See Similar Deals
Industrial9,117,543 SF
Sold 04/07/2023
Contact now

Summary

CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$2
Total Square Footage:9,117,543 SF
Transaction Type:Sale

The industrial property located at the northwest corner of Corwin Rd & Central Rd in Apple Valley has been sold. The transaction was facilitated by Ian Armbruster, Brad Yates, and Stefan Pastor from Stream Realty Partners⁠, representing both the buyer and the seller. The property was purchased by Lake Creek Industrial from Mike Harrison and Safai Ross.

Summary of transaction details

  • Property Type: Industrial
  • Sale Price: $19,147,500
  • Square Footage: 9,117,543
  • Price Per Square Foot: $2
  • Date: 04/07/2023
  • Address: NW corner of Corwin Rd & Central Rd, Apple Valley
  • Market: Apple Valley

This deal was a significant transaction in the industrial market. Stream Realty Partners⁠, represented by Ian Armbruster, Brad Yates, and Stefan Pastor, facilitated the sale between Lake Creek Industrial and Mike Harrison and Safai Ross. The property, with a total area of 9,117,543 square feet, was sold for a price of $19,147,500, resulting in a price per square foot of $2.

Players

Brad Yates
7 deals$232M volume
BROKER

Stefan Pastor
Stream Realty Partners⁠
8 deals$251.5M volume
BROKER

Ian Armbruster
Stream Realty Partners⁠
2 deals$19.1M volume
BROKER

Details

SOLD
IMAGE: Ian Armbruster, Brad Yates & Stefan Pastor DATE: 04/07/2023 ADDRESS: NW Corner of Corwin Rd & Central Rd MARKET: Apple Valley ASSET TYPE: Industrial BUYER: Lake Creek Industrial (@LakeCreekIndustrial) SELLER: Mike Harrison & Safai Ross BROKERS: Ian Armbruster (@Soldby.Ian), Brad Yates & Stefan Pastor (@WildhatSteve) - Stream Realty Partners⁠ (@StreamRealtyPartners) SALE PRICE: $19,147,500 SF: 9,117,543 ~ PPSF: $2

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,021,200.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$68,027.02
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,768.92
Annual Debt Service$1,089,227.02