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Nicholas Spence Acquires Industrial Property In Midway For $4.8M

Property Image
SOLD
$4,800,000
Peter Catanzaro
Edward "Tripp" Duke III
+ 1

Florida

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Industrial60,700 SF
Sold 03/01/2024
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Property Image
SOLD

Nicholas Spence Acquires Industrial Property In Midway For $4.8M

250 Ram Blvd

See Similar Deals
Industrial60,700 SF
Sold 03/01/2024
Peter Catanzaro
Edward "Tripp" Duke III
+ 1
Contact now

Summary

FLORIDA
Asset Type:Industrial
Price Per Square Foot:$79
Total Square Footage:60,700 SF
Transaction Type:Sale

The industrial property located at 250 Ram Blvd in Midway has been sold for $4,800,000. Spanning 60,700 square feet, the property was transacted at a price per square foot of $79. The sale involved the buyer, Nicholas Spence, and the seller, William Mattice, Paul Gleasman, & Heath Annin. Jordan Characo from Equity Commercial Real Estate Solutions represented the buyer, while Peter Catanzaro, Simon Grigoryan, & Tripp Duke from Marcus & Millichap served as the brokers in the deal.

Summary of transaction details:

The transaction also involved notable individuals such as Jordan Characo from Equity Commercial Real Estate Solutions, who represented the buyer in the deal. Additionally, Peter Catanzaro, Simon Grigoryan, and Tripp Duke from Marcus & Millichap played pivotal roles as the brokers facilitating the sale. The collaborative efforts of these key individuals and companies culminated in the successful transfer of the industrial property in Midway.

Players

Simon Grigoryan
12 deals$74.7M volume
BROKER

Peter Catanzaro
Marcus & Millichap
3 deals$14.9M volume
BROKER

Edward "Tripp" Duke III
Marcus & Millichap
3 deals$14.9M volume(904) 672-1422
BROKER

Jordan Characo
Equity
3 deals$20.9M volume
BROKER

Details

SOLD
IMAGE: Jordan Characo, Peter Catanzaro, Simon Grigoryan & Tripp Duke DATE: 03/01/2024 ADDRESS: 250 Ram Blvd MARKET: Midway ASSET TYPE: Industrial BUYER: Nicholas Spence SELLER: William Mattice, Paul Gleasman, & Heath Annin BUYER'S REP: Jordan Characo (@Jordan.Characo) - Equity Commercial Real Estate Solutions BROKERS: Peter Catanzaro (@PeteCat18), Simon Grigoryan & Tripp Duke (@TrippDuke84) - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $4,800,000 SF: 60,700 ~ PPSF: $79

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$256,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$17,053.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,754.45
Annual Debt Service$273,053.39