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PRP Real Estate Investment Management Acquires 30.4 Acres Industrial Property In Hickory For $60.6M
SOLD
$60,600,000
North Carolina
See Similar DealsIndustrial265,000 SF
Sold 05/21/2025
SOLD
PRP Real Estate Investment Management Acquires 30.4 Acres Industrial Property In Hickory For $60.6M
2020 Trivium Pkwy
See Similar DealsIndustrial265,000 SF
Sold 05/21/2025
Summary
NORTH CAROLINA
Asset Type:Industrial
Price Per Square Foot:$228
Total Square Footage:265,000 SF
Transaction Type:Sale
PRP Real Estate Investment Management acquired a 265,000 sq. ft. industrial property located at 2020 Trivium Court in Hickory, NC, for $60.6 million, representing a price per square foot of $229. The asset covers an area of 30.4 acres.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $60,600,000
- Address: 2020 Trivium Court
- Market: Hickory, NC
- Square Footage: 265,000
- Price per Square Foot: $229
- Seller: Stonemont Financial Group
- Broker: JLL
The transaction was facilitated by JLL, acting as the broker for the deal involving PRP Real Estate Investment Management and Stonemont Financial Group, highlighting the roles of the entities in this significant acquisition.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,232,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$215,298.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$287,274.92
Annual Debt Service$3,447,299.00
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