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Padma Laxmi LLC Acquires Office Building In Tustin For $20.8M

Property Image
SOLD
$20,800,000
Richard Schwartz
Joey Reaume
Anthony DeLorenzo

California

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Office51,588 SF
Sold 09/30/2020
the dealplayerscompscontact
Property Image
SOLD

Padma Laxmi LLC Acquires Office Building In Tustin For $20.8M

2742 Dow Ave, Tustin, CA, USA

See Similar Deals
Office51,588 SF
Sold 09/30/2020
Richard Schwartz
Joey Reaume
Anthony DeLorenzo
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$403
Total Square Footage:51,588 SF
Transaction Type:Sale

2742 Dow Ave, an office property located in Tustin, was recently sold in a transaction. The property spans a total area of 51,588 square feet, with a price per square foot of $403. The transaction took place on September 30, 2020.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $20,800,000
  • Address: 2742 Dow Ave
  • Market: Tustin

The buyer of the property is Padma Laxmi LLC, while the seller is Dow Owner LLC, represented by Cress Capital. Colliers International, represented by Richard Schwartz and Joey Reaume, acted as the buyer's representatives in the deal. On the other hand, CBRE's Anthony DeLorenzo served as the seller's representative.

Players

Anthony DeLorenzo
CBRE
Anthony DeLorenzo
116 deals$2B volume
BROKER
Joey Reaume
Colliers
Joey Reaume
4 deals$382.8M volume
BROKER
Richard Schwartz
Colliers
Richard Schwartz
6 deals$441.7M volume
BROKER
Cress Capital
Cress Capital
SELLER

Details

SOLD
IMAGE: Richard Schwartz, Joey Reaume & Anthony DeLorenzo DATE: 09/30/2020 ADDRESS: 2742 Dow Ave MARKET: Tustin ASSET TYPE: Office BUYER: Padma Laxmi LLC SELLER: Dow Owner LLC (Cress Capital) BUYER’S REP: Richard Schwartz & Joey Reaume - Colliers International SELLER’S REP: Anthony DeLorenzo - CBRE PRICE: $20,800,000 SF: 51,588 ~ PPSF: $403

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

$1,109,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$73,898.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$98,602.61
Annual Debt Service$1,183,231.34