Bridge Development Partners Acquires Downtown Retail Property For $68M
SOLD
$68,000,000
California
See Similar DealsRetail261,528 SF
Sold 02/01/2019
SOLD
Bridge Development Partners Acquires Downtown Retail Property For $68M
2445 East 12th Street, Los Angeles, CA 90021, USA
See Similar DealsRetail261,528 SF
Sold 02/01/2019
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$260
Total Square Footage:261,528 SF
Transaction Type:Sale
Bridge Development Partners has acquired a retail property in downtown market for $68 million. The property, located at 2445 E. 12th St., spans a total area of 261,528 square feet. The purchase price per square foot was $260. The transaction took place on February 1, 2019.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $68 million
- Address: 2445 E. 12th St.
- Market: Downtown
- Square Footage: 261,528
- Price Per Square Foot: $260
The buyer, Bridge Development Partners, acquired the property from the seller, USAA Real Estate Company. The brokers involved in the transaction were Mike Smith and Jim Halferty from Lee & Associates.
Players
SELLER
Details
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,626,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$241,589.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$322,354.69
Annual Debt Service$3,868,256.30
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