Parkave Capital Group Acquires Retail Property In Spring Hill For $12.8M
SOLD
$12,800,000
Michigan
See Similar DealsRetail97,812 SF
Sold 10/25/2022
SOLD
Parkave Capital Group Acquires Retail Property In Spring Hill For $12.8M
4185 Mariner Lane
See Similar DealsRetail97,812 SF
Sold 10/25/2022
Summary
MICHIGAN
Asset Type:Retail
Price Per Square Foot:$130
Total Square Footage:97,812 SF
Transaction Type:Sale
The retail property located at 4185 Mariner Crossing Boulevard in Spring Hill has been sold for a total price of $12,800,000. The property spans 97,812 square feet and was sold at a price per square foot of $131. The transaction took place on 10/25/2022 and involved the buyer, Parkave Capital Group, and the seller, Mehrdad Arjomandi.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $12,800,000
- Square Footage: 97,812
- Price per Square Foot: $131
- Date: 10/25/2022
- Address: 4185 Mariner Crossing Boulevard, Spring Hill
The deal was facilitated by the brokers involved, Michael Cleeman from Cleeman Realty Group and Gary Brown from Ideal Management.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$682,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$45,475.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$60,678.53
Annual Debt Service$728,142.36
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