DRA Advisors & Pine Tree Acquire Retail Property In Grand Rapids For $63.5M
SOLD
$63,500,000
Michigan
See Similar DealsRetail537,948 SF
Sold 08/12/2022
SOLD
DRA Advisors & Pine Tree Acquire Retail Property In Grand Rapids For $63.5M
3665 28th Street Southeast, Grand Rapids, Michigan 49512, United States
See Similar DealsRetail537,948 SF
Sold 08/12/2022
Summary
MICHIGAN
Asset Type:Retail
Price Per Square Foot:$118
Total Square Footage:537,948 SF
Transaction Type:Sale
The retail property located at 3665 28th St SE in Grand Rapids, MI was recently sold. The transaction took place on 08/12/2022. The property spans a total area of 537,948 square feet. The sale price for this retail asset was $63,500,000, resulting in a price per square foot of $118.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $63,500,000
- Square Footage: 537,948
- Address: 3665 28th St SE, Grand Rapids, MI
- Market: Grand Rapids, MI
The buyers in this deal were DRA Advisors and Pine Tree. The transaction was facilitated by CBRE, acting as the broker.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,386,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$225,602.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$301,022.40
Annual Debt Service$3,612,268.75
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