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Oliver Street Acquires Industrial Property On Summit Street In Peabody, MA For $65M

Property Image
SOLD
$65,000,000
Greg Klemmer
John Nasca
+ 2

Massachusetts

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Industrial370,000 SF
Sold 12/18/2020
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Property Image
SOLD

Oliver Street Acquires Industrial Property On Summit Street In Peabody, MA For $65M

140 Summit Street, Peabody, MA, USA

See Similar Deals
Industrial370,000 SF
Sold 12/18/2020
Greg Klemmer
John Nasca
+ 2
Contact now

Summary

MASSACHUSETTS
Asset Type:Industrial
Price Per Square Foot:$175
Total Square Footage:370,000 SF
Transaction Type:Sale

The industrial property located at 140 Summit Street in Peabody, MA was recently sold. The transaction took place on December 18, 2020. The property, spanning 370,000 square feet, was sold by Christianbook to Oliver Street. The sale price for this transaction was $65,000,000, resulting in a price per square foot of $176.

Summary of transaction details

This deal was facilitated by the brokers Frank Petz, John Nasca, Greg Klemmer, and Dan Driscoll from Colliers International. They represented both the buyer, Oliver Street, and the seller, Christianbook, in the transaction.

Players

John Nasca
14 deals$726M volume(716) 417-0506
BROKER

Frank Petz
Colliers
29 deals$1.3B volume
BROKER

Greg Klemmer
Colliers
3 deals$95.1M volume
BROKER

Dan Driscoll
2 deals$65M volume
BROKER

Details

SOLD
IMAGE: Dan Driscoll, Frank Petz, John Nasca, & Greg Klemmer⁠ DATE: 12/18/2020⁠ ADDRESS: 140 Summit Street⁠ MARKET: Peabody, MA⁠ ASSET TYPE: Industrial⁠ ⁠ SELLER: Christianbook⁠ BUYER: Oliver Street⁠ BROKERS: Frank Petz, John Nasca, Greg Klemmer, & Dan Driscoll - Colliers International⁠ ⁠ SALE PRICE: $65,000,000⁠ SF: 370,000 ~ PPSF: $176⁠ ⁠

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,466,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$230,931.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$308,133.16
Annual Debt Service$3,697,597.94