Indus Realty Trust Acquires Industrial Property In Lakeland For $17.8M
SOLD
$17,800,000
+ 3
Florida
See Similar DealsIndustrial139,500 SF
Sold 08/09/2020
SOLD
Indus Realty Trust Acquires Industrial Property In Lakeland For $17.8M
2850 Interstate Drive, Lakeland, FL, USA
See Similar DealsIndustrial139,500 SF
Sold 08/09/2020
+ 3
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$127
Total Square Footage:139,500 SF
Transaction Type:Sale
The industrial property located at 2850 Interstate Drive in Lakeland has been sold in a transaction facilitated by Rick Brugge, Rick Colon, Mike Davis, Dominic Montazemi, and Zach Eicholtz of Cushman & Wakefield, and David Buckner of Buckner Commercial Properties. The property was sold by Knott Realty, represented by James F. Knott and James F. Knott, Jr., to INDUS Realty Trust. The sale price for the property was $17,800,000. The property spans an area of 139,500 square feet, resulting in a price per square foot of $128.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $17,800,000
- Address: 2850 Interstate Drive, Lakeland
- Market: Lakeland
Rick Brugge, Rick Colon, Mike Davis, Dominic Montazemi, Zach Eicholtz, and David Buckner played instrumental roles as brokers in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$949,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$63,239.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$84,381.08
Annual Debt Service$1,012,572.97
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