Premier Auto Credit Acquires Office Building In Glendale For $23M
SOLD
$23,000,000
California
See Similar DealsOffice113,000 SF
Sold 08/11/2022
SOLD
Premier Auto Credit Acquires Office Building In Glendale For $23M
425 East Colorado Street, Glendale, California 91205, United States
See Similar DealsOffice113,000 SF
Sold 08/11/2022
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$203
Total Square Footage:113,000 SF
Transaction Type:Sale
The office building located at 425 East Colorado Street in Glendale has been sold for a price of $23,000,000. The property encompasses approximately 113,000 square feet, resulting in a price per square foot of $203. The sale was finalized on August 11, 2022, and the buyer of the property was Premier Auto Credit, represented by Sean Rastegar. The seller was Brookfield, represented by Brian Kingston.
Summary of transation details
- Property Type: Office
- Transaction Amount: $23,000,000
- Address: 425 East Colorado Street
- Market: Glendale
- Buyer: Premier Auto Credit - Sean Rastegar
- Seller: Brookfield - Brian Kingston
Brian Kingston, representing Brookfield, facilitated the sale of the office building to Premier Auto Credit, with Sean Rastegar acting as the buyer's representative. The transaction marks a significant deal in the Glendale office market, representing a successful venture for all parties involved.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,226,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$81,714.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,031.73
Annual Debt Service$1,308,380.81
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