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Bluerock Acquires Industrial Buildings In Charlotte, NC For $35.3M
SOLD
$35,300,000
North Carolina
See Similar DealsIndustrial312,590 SF
Sold 07/07/2023
SOLD
Bluerock Acquires Industrial Buildings In Charlotte, NC For $35.3M
9415 Pioneer Avenue Charlotte, North Carolina 28273, USA
See Similar DealsIndustrial312,590 SF
Sold 07/07/2023
Summary
NORTH CAROLINA
Asset Type:Industrial
Price Per Square Foot:$112
Total Square Footage:312,590 SF
Transaction Type:Sale
An affiliate of Bluerock has acquired two industrial buildings in Charlotte, NC for $35.3 million. The properties, located at 9415 Pioneer Avenue, have a total square footage of 312,590, resulting in a price per square foot of $113. This transaction took place on July 7, 2023.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $35,300,000
- Address: 9415 Pioneer Avenue
- Market: Charlotte, NC
- Buyer: Affiliate of Bluerock
- Seller: Dogwood Industrial Properties
The buyer, an affiliate of Bluerock, acquired the industrial buildings from the seller, Dogwood Industrial Properties. This acquisition showcases Bluerock's expanding presence in the Charlotte, NC market and underscores their strategic investment in the industrial sector.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,882,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$125,413.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$167,340.01
Annual Debt Service$2,008,080.11
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