Brad Pennington, Steve Elson, And Jeremy K. Rogers Sell Carpinteria Office Building For $44M
SOLD
$44,000,000
California
See Similar DealsOffice121,230 SF
Sold 02/16/2021
SOLD
Brad Pennington, Steve Elson, And Jeremy K. Rogers Sell Carpinteria Office Building For $44M
6303 Carpinteria Avenue, Carpinteria, CA, USA
See Similar DealsOffice121,230 SF
Sold 02/16/2021
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$362
Total Square Footage:121,230 SF
Transaction Type:Sale
Brad Pennington, Steve Elson, and Jeremy K. Rogers have sold an office property located at 6303-6309 Carpinteria Ave. in Carpinteria. The property, spanning 121,230 square feet, was sold for a total price of $44,000,000, resulting in a price per square foot of $362. The transaction took place on February 16, 2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $44,000,000
- Property Address: 6303-6309 Carpinteria Ave.
- Market: Carpinteria
- Square Footage: 121,230
- Price per Square Foot: $362
Brad Pennington, Steve Elson, and Jeremy K. Rogers, representing Montana Avenue Capital, served as the sellers in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,346,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$156,322.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$208,582.45
Annual Debt Service$2,502,989.37
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