Updated May 12, 2025
Hsu Property Holdings Acquires Industrial Property From Mack Boring & Parts For $13.87M
400 Cottontail Lane
$13,865,000
$252/SF
Building Size
55,000 SF
Asset Type
Industrial
Closing
Feb 26, 2025
About this deal
AI
A 55,000 square foot industrial property located at 400 Cottontail Lane in Somerset was sold for $13,865,000. This asset is now owned by Hsu Property Holdings, which acquired it to bolster its marine, industrial, and military operations.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $13,865,000
- Address: 400 Cottontail Lane
- Market: Somerset
- Square Footage: 55,000
- Price per Square Foot: $252
- Buyer: Hsu Property Holdings
- Seller: Patrick McGovern - Mack Boring & Parts
- Buyer's Representative: Gregory Irving & Steve Jaynes - Bussel Realty
- Seller's Representative: CBRE
Mack Boring & Parts was the former owner of the industrial property. Bussel Realty Corp. represented the buyer, while CBRE acted as the advisor for the seller in this transaction.
On the Map
$13,865,000
$252/SF
Industrial
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Players
Somerset 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
1.14%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93