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
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