Updated Dec 4, 2024
Sterling Organization Acquires Property At 12622 Poway Rd For $27M With Daniel Tyner As Seller's Rep
12622 Poway Rd, Poway, CA, 92064
$27,000,000
$246/SF
Building Size
109,455 SF
Asset Type
Retail
Closing
Jun 19, 2019
About this deal
AI
The property sold is a value-add retail center, Poway Crossings, located at 12622-12654 Poway Road in Poway, California. The sale price was $27,000,000.00, and the property encompasses approximately 109,455 square feet of retail space situated on a 10-acre lot.
Summary of transaction details:
- Property Type: Retail Center
- Transaction Amount: $27,000,000.00
- Address: 12622 Poway Rd, Poway, CA, 92064
- Market: Poway
- SF: 109,455
- Buyer's Representative: Gleb Lvovich - HFF
- Seller's Representative: Daniel Tyner - JLL
At the time of sale, the property was 80 percent leased to various tenants, including notable establishments such as LA Fitness, Dollar Tree, Big 5 Sporting Goods, Massage Envy, Sola Salon Studios, Sushi Lounge, Banfield Pet Hospital, and KFC. The retail center was constructed in 1979 and underwent renovations, with the most recent occurring in 2015.
Players
Poway Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93