Cimpress Plc Acquires Development Site At 1 Megabyte Drive Montego Bay For $18M
$18,000,000
$193/SF
Building Size
92,876 SF
Asset Type
Development Site
Closing
Jun 27, 2024
AI
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
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93