SteelWave Acquires El Segundo Office Building For $63.5M
SOLD
$63,500,000
+ 3
California
See Similar DealsOffice152,000 SF
Sold 11/27/2019
SOLD
SteelWave Acquires El Segundo Office Building For $63.5M
2160 East Grand Avenue, El Segundo, CA, USA
See Similar DealsOffice152,000 SF
Sold 11/27/2019
+ 3
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$417
Total Square Footage:152,000 SF
Transaction Type:Sale
The office property located at 2160 Grand Ave in El Segundo has been sold in a transaction worth $63,500,000. Spanning across 152,000 square feet, this property was sold at a price of $420 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $63,500,000
- Address: 2160 Grand Ave
- Market: El Segundo
The seller of the property was Griffin Capital Essential REIT Inc., represented by Kevin A. Shields. On the other hand, the buyer was SteelWave, with Barry DiRaimondo as their representative. The deal was facilitated by the brokers Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, and Michael Moll from Newmark Knight Frank.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,386,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$225,602.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$301,022.40
Annual Debt Service$3,612,268.75
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