Tourmaline Capital Acquires Retail Property In Long Beach For $16.2M
SOLD
$16,200,000
California
See Similar DealsRetail32,000 SF
Sold 08/11/2020
SOLD
Tourmaline Capital Acquires Retail Property In Long Beach For $16.2M
6200 East Pacific Coast Highway, Long Beach, CA 90803, USA
See Similar DealsRetail32,000 SF
Sold 08/11/2020
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$506
Total Square Footage:32,000 SF
Transaction Type:Sale
Located in Long Beach, the property at 6200 Pacific Coast Hwy. has been sold in a recent transaction. The retail asset, spanning 32,000 square feet, was purchased by Tourmaline Capital, represented by Jonathan Cheng. The seller of the property was Claire Brotman. The deal was facilitated by brokers Daniel Tyner and Gleb Lvovich from JLL.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $16,200,000
- Address: 6200 Pacific Coast Hwy.
- Market: Long Beach
The involvement of key individuals and companies in this transaction adds further insight. Jonathan Cheng represented Tourmaline Capital as their buyer. On the other hand, Claire Brotman acted as the seller. The deal was successfully executed with the assistance of Daniel Tyner and Gleb Lvovich from JLL.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$864,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$57,555.18
Cash-on-Cash Return-1.27%
Monthly Debt Service$76,796.26
Annual Debt Service$921,555.18
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