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IRA Capital Acquires Office In San Diego For $11.25M

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SOLD
$11,250,000

California

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Office20,282 SF
Sold 12/30/2021
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Property Image
SOLD

IRA Capital Acquires Office In San Diego For $11.25M

910 South Sycamore Avenue, Los Angeles, CA 90036

See Similar Deals
Office20,282 SF
Sold 12/30/2021
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$554
Total Square Footage:20,282 SF
Transaction Type:Sale

An office property located at 910 Sycamore Avenue in San Diego has been sold in a closed transaction. The property spans 20,282 square feet and was sold for a total price of $11,250,000, resulting in a price per square foot of $554. The sale took place on December 30, 2021. The buyer of the property was IRA Capital, represented by Amer Kasm and Andrew Tran. The seller was MGNC Partners, represented by Ron Smith. The transaction was facilitated by Bob Cowan, Mark Avilla, and Peter Curry of Cushman & Wakefield.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $11,250,000
  • Square Footage: 20,282
  • Price per Square Foot: $554
  • Address: 910 Sycamore Avenue, San Diego
  • Market: San Diego

The buyer, IRA Capital, was represented by Amer Kasm and Andrew Tran. The seller, MGNC Partners, was represented by Ron Smith. The deal was facilitated by brokers Bob Cowan, Mark Avilla, and Peter Curry from Cushman & Wakefield.

Players

Peter Curry
16 deals$186.1M volume
BROKER

Bob Cowan
Cushman & Wakefield
2 deals$19.4M volume
BROKER

Mark Avilla
Cushman & Wakefield
3 deals$29.2M volume
BROKER

IRA Capital
BUYER

Details

SOLD
IMAGE: Bob Cowan, Peter Curry & Mark Avilla DATE: 12/30/2021 ADDRESS: 910 Sycamore Avenue MARKET: San Diego ASSET TYPE: Office BUYER: IRA Capital - Amer Kasm & Andrew Tran SELLER: MGNC Partners - Ron Smith BROKERS: Bob Cowan, Mark Avilla & Peter Curry - Cushman & Wakefield SALE PRICE: $11,250,000 SF: 20,282 ~ PPSF: $554

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

$600,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$39,968.87
Cash-on-Cash Return-1.27%
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