Fortress Investment Group Acquires Retail Property In Owatonna From Starwood Capital Group For $22M
3900 Cabela Drive Northwest
$22,000,000
$78/SF
Building Size
280,500 SF
Asset Type
Retail
Closing
Mar 7, 2024
About this deal
AI
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.
Owatonna Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93