Sterling Bay Acquires Life Science Property In Durham, NC For $63M
SOLD
$63,000,000
+ 1
North Carolina
See Similar DealsOther
Sold 06/27/2022
SOLD
Sterling Bay Acquires Life Science Property In Durham, NC For $63M
606 Fayetteville Road, Durham, North Carolina 27701, United States
See Similar DealsOther
Sold 06/27/2022
+ 1
Summary
NORTH CAROLINA
Asset Type:Other
Transaction Type:Sale
606 Fayetteville Street and 401 East Lakewood Avenue in Durham, NC, have been sold for the price of $63,000,000. The properties are classified as life science assets.
Summary of transation details
- Property Type: Life Science
- Transaction Amount: $63,000,000
- Address: 606 Fayetteville Street & 401 East Lakewood Avenue, Durham, NC
- Market: Durham, NC
The buyer of the properties is Sterling Bay, while the seller is 606 Fayetteville LLC, represented by Blake Nucci and Chris Kono. The sale was facilitated by Alexander Riguardi, David Giancola, Hunter Barron, and John Mikels from JLL.
Players
BROKERAGE
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,360,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$223,825.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$298,652.14
Annual Debt Service$3,583,825.69
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