Presidio Bay Acquires Retail Property On Charleston Road In Palo Alto For $71.8M
SOLD
$71,800,000
California
See Similar DealsRetail132,590 SF
Sold 03/31/2022
SOLD
Presidio Bay Acquires Retail Property On Charleston Road In Palo Alto For $71.8M
2400 East Charleston Road, Mountain View, California 94043, United States
See Similar DealsRetail132,590 SF
Sold 03/31/2022
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$541
Total Square Footage:132,590 SF
Transaction Type:Sale
The retail property located at 2400-2470 Charleston Road in Palo Alto has been sold in a transaction worth $71,800,000. The property spans an area of 10.9 acres and offers 132,590 square feet of space. The sale price per square foot stands at $541. The transaction took place on March 31, 2022. The buyer of the property is Presidio Bay, while Nuveen Real Estate acted as the seller.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $71,800,000
- Address: 2400-2470 Charleston Road, Palo Alto
- Market: Palo Alto
- Acres: 10.9
Represented by Will Connors, Daniel Renz, and Michael Manas from JLL, the deal was facilitated by Presidio Bay as the buyer's representative and Nuveen Real Estate as the seller. These individuals played a crucial role in the transaction and ensured its successful completion.
Players
BUYER
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,829,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$255,090.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$340,368.63
Annual Debt Service$4,084,423.57
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