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Four Corners Properties Acquires Office In Belmont For $90.2M

Property Image
SOLD
$90,200,000
Kyle Kovac
Scott J. Prosser
+ 1

California

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Office150,000 SF
Sold 12/08/2021
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Property Image
SOLD

Four Corners Properties Acquires Office In Belmont For $90.2M

1301 Shoreway Road, Belmont, CA, USA

See Similar Deals
Office150,000 SF
Sold 12/08/2021
Kyle Kovac
Scott J. Prosser
+ 1
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$601
Total Square Footage:150,000 SF
Transaction Type:Sale

A 150,000 square foot office building located at 1301 Shoreway Road in Belmont has been sold for $90,200,000. The property was purchased by Four Corners Properties from the seller, Westlake Group. The transaction was facilitated by brokers Mike Taquino, Kyle Kovac, Joe Moriarty, and Scott Prosser of CBRE Capital Markets.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $90,200,000
  • Address: 1301 Shoreway Road
  • Market: Belmont

The office building at 1301 Shoreway Road in Belmont was sold for $90,200,000. The buyer, Four Corners Properties, acquired the property from the seller, Westlake Group. The transaction was brokered by Mike Taquino, Kyle Kovac, Joe Moriarty, and Scott Prosser from CBRE Capital Markets.

Players

Joseph (Joe) Moriarty
9 deals$483.7M volume
BROKER

Scott J. Prosser
Cushman & Wakefield
10 deals$554.6M volume
BROKER

Michael "Mike" Taquino
CBRE
11 deals$557.3M volume
BROKER

Kyle Kovac
CBRE
10 deals$903.8M volume
BROKER

BUYER

Details

SOLD
IMAGE: Mike Taquino, Kyle Kovac, Joe Moriarty & Scott Prosser DATE: 12/08/2021 ADDRESS: 1301 Shoreway Road MARKET: Belmont ASSET TYPE: Office BUYER: Four Corners Properties SELLER: Westlake Group BROKERS: Mike Taquino, Kyle Kovac, Joe Moriarty & Scott Prosser - CBRE Capital Markets SALE PRICE: $90,200,000 SF: 150,000 ~ PPSF: $601

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

$4,810,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$320,461.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$427,594.02
Annual Debt Service$5,131,128.21