Updated Oct 28, 2024
Bay Area Industrial Corp. Acquires Palo Alto Office For $33.8M
445 Sherman Avenue
$33,800,000
$1,456/SF
Building Size
23,215 SF
Asset Type
Office
Closing
Jun 7, 2020
About this deal
AI
445 Sherman Ave, an office property located in Palo Alto, was sold in a recent transaction for a price of $33,800,000. The property spans a total of 23,215 square feet, resulting in a price per square foot of $1,456. The sale was facilitated by CBRE.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $33,800,000
- Address: 445 Sherman Ave
- Market: Palo Alto
- Square Footage: 23,215
Bay Area Industrial Corp. acquired the property from Wheatley Properties, represented by Robert Wheatley and Christian Hansen. The sale of 445 Sherman Ave marks another notable transaction in the Palo Alto office market.
On the Map
$33,800,000
$1,456/SF
Office
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Palo Alto Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93