George Mersho's Shoe Palace Acquires Retail Property In Montebello For $84M
SOLD
$84,000,000
California
See Similar DealsRetail735,000 SF
Sold 07/22/2022
SOLD
George Mersho's Shoe Palace Acquires Retail Property In Montebello For $84M
2000 Montebello Town Center, Montebello, California 90640, United States
See Similar DealsRetail735,000 SF
Sold 07/22/2022
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$114
Total Square Footage:735,000 SF
Transaction Type:Sale
The property involved in this closed transaction is a retail asset located at 2000 Montebello Town Center in Montebello. It covers an area of 735,000 square feet. The sale of this property took place on 07/22/2022.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $84,000,000
- Price per Square Foot: $114
- Address: 2000 Montebello Town Center
- Market: Montebello
The buyer in this transaction is Shoe Palace, represented by George Mersho. Shoe Palace acquired the property from UBS Realty Investors, represented by Matt Johnson and Rod Chu.
It is noteworthy that the transaction involved Matt Johnson and Rod Chu from UBS Realty Investors as the sellers, while George Mersho from Shoe Palace acted as the buyer.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,480,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$298,434.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$398,202.85
Annual Debt Service$4,778,434.26
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