RCG Ventures Acquires Pinnacle Nord Du Lac Retail Center In Covington For $27 Million
6102 Pinnacle Parkway
$27,000,000
$125/SF
Building Size
215,058 SF
Asset Type
Retail
Closing
Dec 18, 2024
About this deal
AI
RCG Ventures acquired a retail asset known as the Pinnacle Nord du Lac retail center located at 6102 Pinnacle Parkway in Covington, LA. The property encompasses 215,058 square feet and was purchased for $27 million, translating to a price per square foot of $126.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $27,000,000
- Buyer: RCG Ventures
- Seller: Cypress Equities
- Brokers: Andrew Michols, Brad Buchanan, Jim Hamilton & Ryan West - JLL
- Sale Date: 12/18/2024
This transaction illustrates the involvement of RCG Ventures as the buyer and Cypress Equities as the seller, with representation provided by the brokerage team from JLL consisting of Andrew Michols, Brad Buchanan, Jim Hamilton, and Ryan West.
Players
Covington Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93