Hawk Ventures Acquires South Bay Office Building For $24M
SOLD
$24,000,000
California
See Similar DealsOffice50,000 SF
Sold 02/05/2021
SOLD
Hawk Ventures Acquires South Bay Office Building For $24M
2400 Marine Avenue, Redondo Beach, CA, USA
See Similar DealsOffice50,000 SF
Sold 02/05/2021
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$480
Total Square Footage:50,000 SF
Transaction Type:Sale
Located at 2400 Marine Avenue in the South Bay market, this office property was recently sold in a closed transaction. The asset spans 50,000 square feet and is valued at $24,000,000, resulting in a price per square foot of $480. The sale took place on February 5, 2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $24,000,000
- Address: 2400 Marine Avenue
- Market: South Bay
The buyer in this transaction was Hawk Ventures, while the seller was EverWest Real Estate Investors. The deal was facilitated by brokers Steve Solomon, Kristen Bowman, and Andrew Harper from JLL.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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