Greek Development Buys Industrial Property In Philadelphia For $31.5M
SOLD
$31,500,000
Pennsylvania
See Similar DealsIndustrial305,706 SF
SOLD
Greek Development Buys Industrial Property In Philadelphia For $31.5M
2121 Wheatsheaf Ln, Philadelphia, PA...
See Similar DealsIndustrial305,706 SF
Summary
PENNSYLVANIA
Asset Type:Industrial
Price Per Square Foot:$103
Total Square Footage:305706 SF
Transaction Type:Sale
The industrial facility located at 2121 Wheatsheaf Ln in Philadelphia, PA has been sold for $31.5 million. The property spans 305,706 square feet and features clear heights of 19 to 21 feet, 30 loading doors, and over 350 parking spaces.
Summary of transation details:
- Property Type: Industrial
- Transaction Amount: $31,500,000.00
- Address: 2121 Wheatsheaf Ln, Philadelphia, PA
- Market: Philadelphia
- Seller's Rep: Kyle Lockard(JLL), Larry Maister(JLL)
- Buyer: Greek Development
- SF: 305706
The seller, represented by John Plower, Ryan Cottone, Larry Maister, and Kyle Lockard of JLL, successfully closed the deal with Greek Development for the industrial property. The property was leased to Dependable Distribution Services, a cocoa bean distributor, at the time of sale.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,680,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$111,912.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$149,326.07
Annual Debt Service$1,791,912.85
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