AEW Capital Management Acquires Industrial Property In Lakeland For $100M
SOLD
$100,000,000
Florida
See Similar DealsIndustrial713,000 SF
Sold 08/24/2021
SOLD
AEW Capital Management Acquires Industrial Property In Lakeland For $100M
State Road 33 North, Lakeland, FL, USA
See Similar DealsIndustrial713,000 SF
Sold 08/24/2021
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$140
Total Square Footage:713,000 SF
Transaction Type:Sale
Located at 6200 State Road 33 N. in Lakeland, this industrial property was recently sold in a transaction facilitated by Transwestern Development Co. and Crow Holdings Capital Real Estate. The property spans 713,000 square feet and was acquired by AEW Capital Management, represented by Jeff Furber, for a sale price of $100,000,000. The price per square foot amounts to approximately $140.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $100,000,000
- Address: 6200 State Road 33 N.
- Market: Lakeland
- Buyer: AEW Capital Management - Jeff Furber
- Seller: Transwestern Development Co. & Crow Holdings Capital Real Estate
- Square Footage: 713,000
- Price Per Square Foot: $140
Jeff Furber represented AEW Capital Management in the acquisition of this industrial property, serving as their broker representative. The deal was completed on August 24, 2021.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,333,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$355,278.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$474,051.02
Annual Debt Service$5,688,612.21
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