Rockwood Capital Acquires Santa Monica Office Building For $65.7M
SOLD
$65,700,000
+ 3
California
See Similar DealsOffice58,000 SF
Sold 02/18/2020
SOLD
Rockwood Capital Acquires Santa Monica Office Building For $65.7M
1314 7th Street, Santa Monica, CA, USA
See Similar DealsOffice58,000 SF
Sold 02/18/2020
+ 3
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$1,132
Total Square Footage:58,000 SF
Transaction Type:Sale
The office building located at 1314 7th Street in Santa Monica has been sold in a closed transaction for a price of $65,700,000. Spanning across 58,000 square feet, the property was purchased at a rate of $1,100 per square foot.
Summary of transation details
- Property Type: Office
- Transaction Amount: $65,700,000
- Address: 1314 7th Street
- Market: Santa Monica
Rockwood Capital represented by Walter P. Schmidt acted as the buyer for this transaction. On the seller's side, DivcoWest Real Estate Investments, represented by Stuart Shiff, finalized the deal. The brokerage team at JLL, consisting of Andrew Harper, Michael Leggett, Doug Bond, and Matt McRoskey, facilitated this transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,504,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$233,418.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$311,451.52
Annual Debt Service$3,737,418.22
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