South Bay Development Acquires Office Portfolio In San Jose For $58M With Synaptics As Seller
SOLD
$58,000,000
California
See Similar DealsOffice231,700 SF
Sold 02/14/2022
SOLD
South Bay Development Acquires Office Portfolio In San Jose For $58M With Synaptics As Seller
1140 Ringwood Court, San Jose, California 95131, United States
See Similar DealsOffice231,700 SF
Sold 02/14/2022
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$250
Total Square Footage:231,700 SF
Transaction Type:Sale
The office property located at 1140 & 1150 Ringwood Court & 1109, 1151 & 1251 McKay Drive in San Jose has been sold. The transaction took place on 02/14/2022.
Summary of transaction details
- Property Type: Office
- Sale Price: $58,000,000
- Square Footage: 231,700
- Price per Square Foot: $250
- Address: 1140 & 1150 Ringwood Court & 1109, 1151 & 1251 McKay Drive, San Jose
- Market: San Jose
The buyer of the property is South Bay Development, represented by Jim Mair. The seller is Synaptics.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,093,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$206,061.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$274,949.59
Annual Debt Service$3,299,395.08
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