2 North Lake JV LLC Sells Office Asset In Pasadena For $80M With Brokers Mike Condon Jr., Erica Finck, Bailey Dawson & Marc Renard - Cushman & Wakefield
SOLD
$80,000,000
California
See Similar DealsOffice242,012 SF
Sold 08/23/2020
SOLD
2 North Lake JV LLC Sells Office Asset In Pasadena For $80M With Brokers Mike Condon Jr., Erica Finck, Bailey Dawson & Marc Renard - Cushman & Wakefield
2 N Lake Ave, Pasadena, CA, USA
See Similar DealsOffice242,012 SF
Sold 08/23/2020
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$330
Total Square Footage:242,012 SF
Transaction Type:Sale
Located in Pasadena, the property at 2 N. Lake has been sold in a recent transaction. The office asset spans approximately 242,012 square feet and is situated in the bustling Pasadena market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $80,000,000
- Sale Price per Square Foot: $330
- Seller: 2 North Lake JV LLC
- Brokers: Mike Condon Jr., Erica Finck, Bailey Dawson & Marc Renard - Cushman & Wakefield
The sale of 2 N. Lake in Pasadena was facilitated by a team of brokers from Cushman & Wakefield, including Mike Condon Jr., Erica Finck, Bailey Dawson, and Marc Renard. These individuals played a crucial role in representing the seller, 2 North Lake JV LLC, throughout the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$284,223.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$379,240.81
Annual Debt Service$4,550,889.77
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