Updated Oct 21, 2026
SOLDLand
John J. O’Donnell Of The Michaels Organization Acquires 4.5 Acres In Mint Hill For $3M
9035 Cresswind Boulevard
$3,000,000
Building Size
—
Asset Type
Land
Closing
Oct 19, 2026
About this deal
AI
The transaction involved the sale of 4.5 acres of land located at 9035 Cresswind Boulevard in Mint Hill, North Carolina, with a sale price of $3 million. The property is intended for the development of an active-adult multifamily community.
Summary of transation details:
- Property Type: Land
- Transaction Amount: $3,000,000
- Buyer: John J. O’Donnell - The Michaels Organization
- Seller: J. Brannen Edge & Thorn Baccich - Flagship Healthcare Properties
- Market: Mint Hill, NC
- Acres: 4.5
- Retained Land: 1.5 acres for an 11,000-square-foot medical office building
- Construction Start: Expected in the second half of 2027
The deal was facilitated with John J. O’Donnell representing The Michaels Organization as the buyer, while J. Brannen Edge and Thorn Baccich acted on behalf of Flagship Healthcare Properties as the sellers. The purchase reflects strategic planning for community development in the Mint Hill area.
On the Map
$3,000,000
Land
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93