Updated Dec 2, 2024
Rockefeller Group Acquires 14-Acre Development Site In Perris For $13.4M
19972 Patterson Ave Perris, Ca 92570
$13,400,000
Building Size
—
Asset Type
Development Site
Closing
Aug 8, 2023
About this deal
AI
Rockefeller Group has purchased a development site located at Patterson Ave & Nance Street in Perris, Calif. The site spans 14 acres and has been acquired for a total amount of $13.4 million. The buyer plans to construct a 259,000-square-foot distribution center named Patterson Commerce Center. The project is strategically situated in the Inland Empire East region to meet the high demand for quality Class-A industrial space. Construction is set to begin in September 2023 and is expected to be completed by Summer 2024.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $13,400,000
- Address: Patterson Ave & Nance Street, Perris, Calif.
- Market: Perris
- ACRES: 14
The buyer in this transaction is Rockefeller Group, represented by Brett W. Anderson and Mark Hilton Carpenter Jr. The seller's brokers involved in the deal are Joe McKay, Michael McKay, and Michael Fine from Lee & Associates.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.18%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93