Ocean West Capital Partners & Rockwood Capital Acquire Office Building In Newport Beach For $64M
SOLD
$64,000,000
+ 2
California
See Similar DealsOffice214,858 SF
Sold 11/04/2021
SOLD
Ocean West Capital Partners & Rockwood Capital Acquire Office Building In Newport Beach For $64M
1301 Dove Street, Newport Beach, CA, USA
See Similar DealsOffice214,858 SF
Sold 11/04/2021
+ 2
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$297
Total Square Footage:214,858 SF
Transaction Type:Sale
Located at 1301 Dove Street in Newport Beach, this office property was recently sold in a transaction handled by Kevin Shannon, Paul Jones, Brunson Howard, Ken White, and Brandon White of Newmark. The deal took place on November 4, 2021.
Summary of transaction details:
- Property Type: Office
- Sale Price: $64,000,000
- Square Footage: 214,858
- Price per Square Foot: $298
- Market: Newport Beach
Ocean West Capital Partners and Rockwood Capital were the buyers in this transaction. They were represented by Kevin Shannon, Paul Jones, Brunson Howard, Ken White, and Brandon White from Newmark. The sale of this office property represents a significant investment in the Newport Beach market.
Players
BUYER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,413,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$227,378.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$303,392.65
Annual Debt Service$3,640,711.82
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