DRA Advisors & Pine Tree Acquire Retail Property In Grand Rapids For $63.5M
3665 28th Street Southeast, Grand Rapids, Michigan 49512, United States
$63,500,000
$118/SF
Building Size
537,948 SF
Asset Type
Retail
Closing
Aug 11, 2022
About this deal
AI
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
Grand Rapids Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93