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Buligo Capital Acquires Penn Avenue South Industrial Facility In Bloomington For $15.4M
SOLD
$15,400,000
Minnesota
See Similar DealsRetail218,899 SF
Sold 06/01/2023
SOLD
Buligo Capital Acquires Penn Avenue South Industrial Facility In Bloomington For $15.4M
9231 Penn Avenue South
See Similar DealsRetail218,899 SF
Sold 06/01/2023
Summary
MINNESOTA
Asset Type:Retail
Price Per Square Foot:$70
Total Square Footage:218,899 SF
Transaction Type:Sale
Midloch Investment Partners and Fountain Real Estate Capital have sold a last-mile industrial facility in Bloomington, Minnesota, to Buligo Capital for $15.4 million. The property, located at 9231 Penn Ave. South, spans 218,899 square feet and underwent capital improvements after being acquired by Midloch and Fountain in January 2022.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $15,400,000
- Square Footage: 218,899
- Address: 9231 Penn Avenue South
- Market: Bloomington, Minnesota
Colin Ryan and Dave Berglund from JLL represented both the buyer, Buligo Capital, and the sellers, Midloch Investment Partners and Fountain Real Estate Capital, in this transaction.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$821,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$54,712.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$73,003.86
Annual Debt Service$876,046.28
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