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Ignacio Gil-Casares Of Azora Exan Acquires Mixed-Use Building On Newbury Street For $101M
SOLD
$101,000,000
Massachusetts
See Similar DealsMixed-use45,495 SF
Sold 10/16/2024
SOLD
Ignacio Gil-Casares Of Azora Exan Acquires Mixed-Use Building On Newbury Street For $101M
149 Newbury Street
See Similar DealsMixed-use45,495 SF
Sold 10/16/2024
Summary
MASSACHUSETTS
Asset Type:Mixed-use
Price Per Square Foot:$2,220
Total Square Footage:45,495 SF
Transaction Type:Sale
Azora has acquired a certified LEED Gold office and retail building located at 149 Newbury Street in Boston, MA, for a sum of $101 million. The property offers a total of 45,495 rentable square feet and is currently 81% occupied. The mixed-use asset spans five floors.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $101,000,000
- Address: 149 Newbury Street
- Market: Boston, MA
- Square Footage: 45,495
- Price Per Square Foot: $2,220
- Occupancy Rate: 81%
- Buyer: Ignacio Gil-Casares
- Buyer's Company: Azora Exan
Ignacio Gil-Casares represents Azora Exan in this transaction. The acquisition of the property emphasizes Azora's investment strategy in the Boston market.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,386,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$358,831.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$478,791.53
Annual Debt Service$5,745,498.33
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