Necessity Retail REIT Inc. Acquires Retail Property In San Jose For $175M
SOLD
$175,000,000
California
See Similar DealsRetail509,000 SF
Sold 05/31/2022
SOLD
Necessity Retail REIT Inc. Acquires Retail Property In San Jose For $175M
1 Curtner Avenue, San Jose, California 95125, United States
See Similar DealsRetail509,000 SF
Sold 05/31/2022
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$343
Total Square Footage:509,000 SF
Transaction Type:Sale
On May 31, 2022, a retail property located at 1 Curtner Avenue in San Jose was sold for a record-breaking price of $175,000,000. The property, spanning over 509,000 square feet, was acquired by Necessity Retail REIT Inc., represented by Michael Weil.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $175,000,000
- Address: 1 Curtner Avenue, San Jose
- Market: San Jose
- Buyer: Necessity Retail REIT Inc. - Michael Weil
- Square Footage: 509,000
- Price per Square Foot: $343
Necessity Retail REIT Inc., led by Michael Weil as their representative, successfully sealed the deal for this prominent retail property in San Jose. This transaction marks a significant milestone in the real estate market, showcasing the strong demand and value for retail assets in the area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$621,738.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$829,589.28
Annual Debt Service$9,955,071.37
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