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Cimpress Plc Acquires Development Site At 1 Megabyte Drive Montego Bay For $18M

Property Image
SOLD
$18,000,000
Kevin McNamara
Michael O’Leary

New York

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Development Site92,876 SF
Sold 06/27/2024
the dealplayerscompscontact
Property Image
SOLD

Cimpress Plc Acquires Development Site At 1 Megabyte Drive Montego Bay For $18M

Development Site92,876 SF
Sold 06/27/2024
Kevin McNamara
Michael O’Leary
the dealplayerscompscontact
Contact now

Summary

Asset Type:Development Site
Price Per Square Foot:$193
Total Square Footage:92,876 SF
Transaction Type:Sale

The sale-leaseback transaction involves a development site located at 1 Megabyte Drive in Montego Bay, Jamaica. The property spans 6.58 acres and includes a building with a square footage of 92,876. The agreed sale price for this asset was $18,000,000, with a price per square foot calculated at $194.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $18,000,000
  • Address: 1 Megabyte Drive
  • Market: Montego Bay, Jamaica
  • Asset Size: 6.58 acres
  • Building Size: 92,876 square feet
  • Price per Square Foot: $194
  • Buyer: Christopher Mark Harris
  • Company: Cimpress plc
  • Brokers: Kevin McNamara & Michael O’Leary
  • Brokerage Firm: Cushman & Wakefield

Cushman & Wakefield facilitated this sale-leaseback transaction, involving strategic representation and negotiation between Christopher Mark Harris and Cimpress plc. The transaction showcases both brokers' efforts in managing complex details typical of such financial arrangements.

Players

Kevin McNamara
Cushman & Wakefield
Kevin McNamara
2 deals$18M volume(617) 279-4577
BROKER
Michael O’Leary
Cushman & Wakefield
Michael O’Leary
2 deals$18M volume(617) 279-4585
BROKER

Details

SOLD
IMAGE: 06/27/2024 ADDRESS: 1 Megabyte Drive MARKET: Montego Bay, Jamaica ASSET TYPE: Development Site ~ ACRES: 6.58 BUYER: Christopher Mark Harris - Cimpress plc BROKERS: Kevin McNamara & Michael O’Leary - Cushman & Wakefield (@CushWake) SALE PRICE: $18,000,000 SF: 92,876 ~ PPSF: $194 NOTE: Cushman & Wakefield facilitated the $18 million sale-leaseback of 1 Megabyte Drive in Montego Bay, Jamaica, for Cimpress plc, featuring a 92,876-square-foot building on 6.58 acres with amenities like a football field and parking.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$960,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$63,950.20
Cash-on-Cash Return-1.27%
Monthly Debt Service$85,329.18
Annual Debt Service$1,023,950.20