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Fortress Investment Group Acquires Retail Property In Owatonna From Starwood Capital Group For $22M
SOLD
$22,000,000
Minnesota
See Similar DealsRetail280,500 SF
Sold 03/07/2024
SOLD
Fortress Investment Group Acquires Retail Property In Owatonna From Starwood Capital Group For $22M
3900 Cabela Drive Northwest
See Similar DealsRetail280,500 SF
Sold 03/07/2024
Summary
MINNESOTA
Asset Type:Retail
Price Per Square Foot:$78
Total Square Footage:280,500 SF
Transaction Type:Sale
The retail property located at 3900 Cabela Drive NW in Owatonna, MN, was sold for $22 million. The property spans 280,500 square feet.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $22,000,000
- Buyer: Peter L. Briger, Jr. - Fortress Investment Group
- Seller: Barry Sternlicht - Starwood Capital Group
- Broker: William Melin - Cushman & Wakefield
- Acres: 25
- Price Per Square Foot: $78
Fortress Investment Group, led by Peter L. Briger, Jr., acquired the Cabela's store in Owatonna from Starwood Capital Group. The financing arrangements for the property include a $9.6 million balloon payment on the mortgage, due in September 2027.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,173,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69
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