Updated Oct 29, 2024
Tourmaline Capital Sells Retail Property In Menifee To Charles Park For $24.6M
27281 Newport Road
$24,585,000
$593/SF
Building Size
41,461 SF
Asset Type
Retail
Closing
Jan 12, 2023
About this deal
AI
The retail property located at 27281 Newport Road in Menifee has been sold in a recent transaction. The property spans a total area of 41,461 square feet and was sold for a price of $24,585,000, resulting in a price per square foot of $593. The seller of the property was Tourmaline Capital, while the buyer was Charles Park. The deal was facilitated by brokers Daniel Tyner, Gleb Lvovich, and Geoff Tranchina of JLL.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $24,585,000
- Square Footage: 41,461
- Price per Square Foot: $593
- Address: 27281 Newport Road, Menifee
- Market: Menifee
Daniel Tyner, Gleb Lvovich, and Geoff Tranchina from JLL played a crucial role as the brokers representing both the buyer and seller in this retail property transaction.
Players
Menifee 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
0.65%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93