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8840 Evergreen Boulevard Co...

CIRE Equity Acquires 23-Acre Industrial Site In Coon Rapids, Minnesota For $18.7M
SOLDIndustrial

CIRE Equity Acquires 23-Acre Industrial Site In Coon Rapids, Minnesota For $18.7M

8840 Evergreen Boulevard Coon Rapids, Minnesota 55433, USA

$18,700,000

$71/SF

Building Size

261,805 SF

Asset Type

Industrial

Closing

Aug 11, 2023

AI

California's CIRE Equity has acquired a 23-acre site in Coon Rapids, Minnesota, for $18.7 million. The property includes a warehouse and land for a new industrial building. This purchase aligns with CIRE Equity's expansion strategy in the Twin Cities' industrial sector.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $18,700,000
  • Address: 8840-8880 Evergreen Boulevard, Coon Rapids, Minnesota
  • Market: Coon Rapids, Minnesota
  • Acres: 23
  • Buyer: CIRE Equity - Benjamin Choo
  • Seller: Shopoff Realty Investments - Brian Rupp; Guggenheim Real Estate Holdings
  • Broker: Bill Rose - Marcus & Millichap
  • Square Footage: 261,805
  • Price per Square Foot: $71

Bill Rose of Marcus & Millichap represented the buyer, CIRE Equity, in this transaction. The seller, Shopoff Realty Investments, was represented by Brian Rupp and Guggenheim Real Estate Holdings. This deal highlights the active presence of both buyers and sellers in the industrial real estate market in Coon Rapids, Minnesota.

Players

Bill Rose

Marcus & Millichap

Broker

$35.4M

vol

2 deals

Broker
CE
CIRE EquityBuyer
GE
Guggenheim Real EstateSeller
GE
Guggenheim Real EstateLender

Oceanside Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.85%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93