Jay Christenson's Loam Commercial Acquires Pinnacle West Office Building In Rochester, MN For $2.9M
2746 Superior Drive Northwest
$2,900,000
Building Size
—
Asset Type
Office
Closing
Nov 30, 2023
About this deal
AI
Jay Christenson expanded his portfolio with the $2.9 million acquisition of the 21-year-old Pinnacle West building at 2746 Superior Dr. NW in Rochester, MN. The office property, located in a prime location, was sold by Pinnacle West LLC. The transaction was facilitated by Mark Steege of Titan360 Commercial Real Estate.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $2,900,000
- Address: 2746 Superior Drive Northwest, Rochester, MN
- Market: Rochester, MN
The buyer, Jay Christenson, who is known for his support of real estate in Rochester, acquired the Pinnacle West building to further expand his real estate portfolio. The seller, Pinnacle West LLC, was led by Mark Neeb. Jay Christenson was represented by Mark Steege of Titan360 Commercial Real Estate in the transaction.
Players
Rochester Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.47%
Cash-on-Cash
-1.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93