Public Storage Acquires Industrial Property In Sunset Park For $48.8M
SOLD
$48,800,000
New York
See Similar DealsIndustrial1,392,640 SF
Sold 02/20/2020
SOLD
Public Storage Acquires Industrial Property In Sunset Park For $48.8M
5002 2nd Ave, Brooklyn, NY 11232, USA
See Similar DealsIndustrial1,392,640 SF
Sold 02/20/2020
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$35
Total Square Footage:1,392,640 SF
Transaction Type:Sale
Public Storage has acquired an industrial property in Sunset Park, located at 5002 2nd Avenue. The property spans 139,264 square feet and was sold by Banner Real Estate Group for a price of $48,800,000. This translates to a price per square foot of $350.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $48,800,000
- Square Footage: 139,264
- Price Per Square Foot: $350
- Market: Sunset Park
Public Storage, a well-known self-storage company, completed the purchase of the property. The seller, Banner Real Estate Group, facilitated the transaction. This acquisition highlights Public Storage's continued investment in the industrial real estate market.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,602,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$173,376.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$231,336.90
Annual Debt Service$2,776,042.76
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