Nuveen Real Estate Acquires Lakeland Industrial Property For $41.2M
SOLD
$41,200,000
+ 3
Florida
See Similar DealsIndustrial440,000 SF
Sold 08/05/2020
SOLD
Nuveen Real Estate Acquires Lakeland Industrial Property For $41.2M
8054 State Rd 33 N, Polk City, FL 33868, USA
See Similar DealsIndustrial440,000 SF
Sold 08/05/2020
+ 3
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$93
Total Square Footage:440,000 SF
Transaction Type:Sale
The industrial property located at 8054 State Road 33 North in Lakeland has been sold for a total price of $41,200,000. The asset comprises a total area of 440,000 square feet with a price per square foot of $94. The transaction took place on 08/05/2020.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $41,200,000
- Address: 8054 State Road 33 North
- Market: Lakeland
- Square Footage: 440,000
- Price per Square Foot: $94
The seller of the property is Brennan Investment Group and Grandview Partners, while the buyer is Nuveen Real Estate. The deal was facilitated by brokers Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Zachary Eicholtz, and Brooke Tulley.
Players
BUYER
SELLER
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,197,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$146,374.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$195,309.02
Annual Debt Service$2,343,708.23
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