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Easterly Government Properties Acquires Office Buildings In Cary North Carolina For $72.5M
SOLD
$72,500,000
North Carolina
See Similar DealsOffice
Sold 12/09/2024
SOLD
Easterly Government Properties Acquires Office Buildings In Cary North Carolina For $72.5M
5625 Dillard Drive, 110 Corning Road & 111 Corning Road
See Similar DealsOffice
Sold 12/09/2024
Summary
NORTH CAROLINA
Asset Type:Office
Transaction Type:Sale
Easterly Government Properties acquired three office buildings located at 5625 Dillard Drive, 110 Corning Road & 111 Corning Road in Cary, NC. The transaction was valued at $72.5 million, and the buildings cover a total area of 295,253 square feet. They are currently 97% leased, primarily to the Wake County Public School System, with a combined assessed value of $50.8 million.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $72,500,000
- Buyer: Easterly Government Properties
- Location: Cary, NC
- Total Square Footage: 295,253
- Combined Assessed Value: $50,800,000
- Leased Percentage: 97%
- Tenant: Wake County Public School System
This transaction represents Easterly Government Properties' first acquisition in the Triangle region and marks its 100th property overall.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$257,577.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$343,686.99
Annual Debt Service$4,124,243.85
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