Prime US REIT Acquires Sorrento Mesa Office Building From Shorenstein Properties For $146M
$146,000,000
SOLD
$146,000,000
California
See Similar DealsOffice296,327 SF
Sold 07/26/2020
$146,000,000
SOLD
Prime US REIT Acquires Sorrento Mesa Office Building From Shorenstein Properties For $146M
2875 Cowley Way, San Diego, CA, USA
See Similar DealsOffice296,327 SF
Sold 07/26/2020
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$492
Total Square Footage:296,327 SF
Transaction Type:Sale
The property asset involved in this transaction is located at 2875 Cowley Way in the Sorrento Mesa market. The asset type is office space, comprising a total of 296,327 square feet. The sale was concluded for a transaction amount of $146,000,000, which reflects a price per square foot of $492.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $146,000,000
- Address: 2875 Cowley Way
- Market: Sorrento Mesa
- Square Footage: 296,327
- Price Per Square Foot: $492
- Buyer: Prime US REIT
- Seller: Shorenstein Properties
Brandon Shorenstein and Barbara Cambon were involved in the transaction as representatives for Shorenstein Properties, the seller in this deal. Their representation underscores the active role of Shorenstein Properties in the office market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,786,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$518,707.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$692,114.49
Annual Debt Service$8,305,373.83
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