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Lucern Capital Partners Acquires 55,000 SF Industrial Space In Mooresville For $7.8M
SOLD
$7,800,000
North Carolina
See Similar DealsIndustrial55,000 SF
Sold 09/12/2023
SOLD
Lucern Capital Partners Acquires 55,000 SF Industrial Space In Mooresville For $7.8M
131 Crosslake Park Drive
See Similar DealsIndustrial55,000 SF
Sold 09/12/2023
Summary
NORTH CAROLINA
Asset Type:Industrial
Price Per Square Foot:$141
Total Square Footage:55,000 SF
Transaction Type:Sale
Lucern Capital Partners has expanded its Charlotte-area real estate portfolio with the acquisition of 55,000 square feet of flex industrial space in Mooresville's Crosslake Park. The property, located at 131 Crosslake Park Dr, was purchased for $7.8 million, resulting in a price per square foot of $142.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $7,800,000
- Square Footage: 55,000
- Address: 131 Crosslake Park Dr
- Market: Mooresville, NC
The acquisition was made by Frank Forte, Mark Callazzo, and David Hansel, representing Lucern Capital Partners. The deal marks a strategic move for the company as they continue to grow their real estate portfolio in the Charlotte area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$415,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,711.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$36,975.98
Annual Debt Service$443,711.75
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