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Rhino Capital Advisors Acquires Andover, MA Office Buildings For $58M From Peakstone Realty Trust
SOLD
$27,092,400
Massachusetts
See Similar DealsOffice128,400 SF
Sold 07/26/2023
SOLD
Rhino Capital Advisors Acquires Andover, MA Office Buildings For $58M From Peakstone Realty Trust
Office128,400 SF
Sold 07/26/2023
Summary
Asset Type:Office
Price Per Square Foot:$211
Total Square Footage:128,400 SF
Transaction Type:Sale
Rhino Capital Advisors has acquired two Class A office and R&D buildings located at 6 Technology Drive in Andover, MA, for a total of $58 million. The properties were purchased from Peakstone Realty Trust. The transaction was completed on July 26, 2023.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $58 million
- Square Footage: 128,400 SF
- Price Per Square Foot: $211
- Address: 6 Technology Drive, Andover, MA
- Market: Andover, MA
The deal was facilitated by the brokerage firm Newmark, with Robert Griffin, Matthew Pullen, and Samantha Hallowell representing Rhino Capital Advisors as the buyers. The sellers, Peakstone Realty Trust, were also represented by the same team from Newmark.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,444,927.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$96,253.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$128,431.80
Annual Debt Service$1,541,181.57
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