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Northpond Partners Acquires Preston Corners Shopping Center In Cary For $13.2M
SOLD
$13,200,000
North Carolina
See Similar DealsRetail
Sold 07/09/2023
SOLD
Northpond Partners Acquires Preston Corners Shopping Center In Cary For $13.2M
940 High House Road Cary, North Carolina 27513, USA
See Similar DealsRetail
Sold 07/09/2023
Summary
NORTH CAROLINA
Asset Type:Retail
Transaction Type:Sale
Northpond Partners has acquired Preston Corners shopping center in Cary, NC for $13.2 million. The center is anchored by Lowes Foods and is located at 940 High House Road.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $13,200,000
- Date: 07/09/2023
- Address: 940 High House Road
- Market: Cary, NC
In this transaction, Northpond Partners purchased the Preston Corners shopping center from the seller, Sun Life Assurance Co of Canada, for a total of $13.2 million. The center, located at 940 High House Road in Cary, NC, is a retail property anchored by Lowes Foods. This acquisition further strengthens Northpond Partners' portfolio in the retail sector.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$703,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$46,896.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$62,574.73
Annual Debt Service$750,896.81
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