TMT Properties Acquires Office Asset From Geneva Group For $9.8 Million In Lakeland
402 S Kentucky Ave
$9,800,000
$141/SF
Building Size
69,447 SF
Asset Type
Office
Closing
Nov 2, 2020
About this deal
AI
The property asset involved in this transaction is an office building located at 402 S Kentucky Ave in the Lakeland market. The property has a total square footage of 69,447 and was sold for $9,800,000.00.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $9,800,000.00
- Address: 402 S Kentucky Ave
- Market: Lakeland
- Square Footage: 69,447.0
- Buyer: TMT PROPERTIES
- Seller: GENEVA GROUP
- Broker: TYLER KUHLMAN
The deal involved TMT PROPERTIES as the buyer and GENEVA GROUP as the seller, with TYLER KUHLMAN representing the buyer in this transaction.
On the Map
$9,800,000
$141/SF
Office
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Players
Lakeland Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.62%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93