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Continental Realty Corporation Acquires Retail Properties In Troy, Michigan For $34M

Property Image
SOLD
$34,000,000
Clinton Mitchell
Amy Sands

Michigan

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Retail392,000 SF
Sold 10/07/2021
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Property Image
SOLD

Continental Realty Corporation Acquires Retail Properties In Troy, Michigan For $34M

318 John R Road, Troy, MI, USA

See Similar Deals
Retail392,000 SF
Sold 10/07/2021
Clinton Mitchell
Amy Sands
the dealplayerscompscontact
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Summary

MICHIGAN
Asset Type:Retail
Price Per Square Foot:$86
Total Square Footage:392,000 SF
Transaction Type:Sale

The retail property located at 318 John R Road and 372 John R Road in Troy, Michigan has been sold for a price of $34,000,000. The property spans a total area of 392,000 square feet, resulting in a price per square foot of $87. This sale was completed on 10/07/2021 and was facilitated by brokers Amy Sands and Clinton Mitchell from JLL.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $34,000,000
  • Address: 318 John R Road & 372 John R Road, Troy, Michigan
  • Square Footage: 392,000 SF
  • Price per Square Foot: $87
  • Market: Troy, Michigan

The buyer of the property was Continental Realty Corporation (CRC) represented by their representative, Josh Dinstein. The acquisition was made possible through the dedicated efforts of brokers Amy Sands and Clinton Mitchell from JLL.

Players

Amy Sands
JLL
Amy Sands
11 deals$549.8M volume
BROKER
Clinton Mitchell
JLL
Clinton Mitchell
11 deals$312.4M volume
BROKER
Continental Realty Corporation
Continental Realty Corporation
BUYER

Details

SOLD
IMAGE: Clinton Mitchell, Josh Dinstein & Amy Sands DATE: 10/07/2021 ADDRESS: 318 John R Road & 372 John R Road MARKET: Troy, Michigan ASSET TYPE: Retail BUYER: Continental Realty Corporation (CRC) - Josh Dinstein BROKERS: Amy Sands & Clinton Mitchell - JLL SALE PRICE: $34,000,000 SF: 392,000 ~ PPSF: $87

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

$1,813,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15