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Henderson Park Affiliate Acquires Portals I Office Building In Washington, DC For $26M
SOLD
$26,000,000
Office1,072,412 SF
Sold 12/19/2023
SOLD
Henderson Park Affiliate Acquires Portals I Office Building In Washington, DC For $26M
1250 Maryland Avenue Southwest & 1280 Maryland Avenue Southwest
See Similar DealsOffice1,072,412 SF
Sold 12/19/2023
Summary
Asset Type:Office
Price Per Square Foot:$24
Total Square Footage:1,072,412 SF
Transaction Type:Sale
Henderson Park's affiliate has acquired Portals I, a 536,206-square-foot office building located at 1250-1280 Maryland Avenue Southwest in southwest Washington, D.C. The property was sold by Job Warshaw, representing LNR Partners, for a total transaction amount of $26 million. The price per square foot for this sale was $48.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $26,000,000
- Square Footage: 536,206
- Address: 1250-1280 Maryland Avenue Southwest, Washington, DC
- Market: Washington, DC
Henderson Park's affiliate, represented by their broker Job Warshaw, successfully completed the acquisition of Portals I. This purchase represents a significant investment in the D.C. office market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,386,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$92,372.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$123,253.26
Annual Debt Service$1,479,039.17
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