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
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.
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