Updated Dec 4, 2024
Cross Development Acquires Development Site In Lubbock From Zephyr Tree Farms
0 Marsha Sharp Freeway
Building Size
—
Asset Type
Development Site
Closing
May 3, 2024
About this deal
AI
The development site located at 0 Marsha Sharp Fwy Land in Lubbock, with a total square footage of 87,120 square feet, was recently part of a transaction between Cross Development and Zephyr Tree Farms.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Not Disclosed
- Buyer: Cross Development
- Seller: Zephyr Tree Farms
- Buyer's Rep: Preston Wolfe - Independence Commercial Real Estate
- Seller's Rep: Landon Cole - Moody Rambin
The deal involved key individuals such as Preston Wolfe from Independence Commercial Real Estate, representing Cross Development, and Landon Cole from Moody Rambin, representing Zephyr Tree Farms in the transaction.
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Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93