Milan Capital Management Acquires Long Beach Property For $21.2 Million With Kevin Fryman As Seller's Representative
SOLD
$21,200,000
California
See Similar DealsRetail74,500 SF
SOLD
Milan Capital Management Acquires Long Beach Property For $21.2 Million With Kevin Fryman As Seller's Representative
8105 E Wardlow Rd, Long Beach, CA...
See Similar DealsRetail74,500 SF
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$284
Total Square Footage:74,500 SF
Transaction Type:Sale
The El Dorado Shopping Center, located at 8105-8195 E. Wardlow Road in Long Beach, has been sold for $21.2 million. This retail property spans a total area of 74,500 square feet and was built in 1965, with renovations completed in 2003. At the time of the sale, it was 93 percent occupied and features key tenants such as Grocery Outlet and Dollar Tree.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $21,200,000.00
- Address: 8105 E Wardlow Rd, Long Beach, CA
- Market: Long Beach
- Buyer's representation: Milan Capital Management managed Partnership
- Seller's representation: Kevin Fryman (Hanley Investment Group- Real Estate Advisors)
Kevin Fryman and Ed Hanley from Hanley Investment Group were the representatives for the seller in this transaction. The buyer, a partnership managed by Milan Capital Management, acquired the shopping center from DPI Retail based in El Segundo.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,130,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$75,319.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$100,498.82
Annual Debt Service$1,205,985.79
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