Provident Industrial Acquires Development Site From Latino Media Network In Houston
8020 Northcourt Road
Building Size
—
Asset Type
Development Site
Closing
May 20, 2024
AI
The development site located at 8020 Northcourt Road in Houston spans 16.51 acres. Provident Industrial acquired the site from Latino Media Network. The property will be utilized for the construction of a 244,500 square foot industrial distribution spec building, which is planned to be listed for sale or lease.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: Not specified
- Buyer: Christen Vestal - Provident Industrial
- Seller: Latino Media Network
- Buyer's Representative: Taylor Schmidt, Austin Bartula & Robert McGee - Lee & Associates
Robert McGee, Taylor Schmidt, and Austin Bartula from Lee & Associates served as the representatives of Provident Industrial in the acquisition of the 16.51-acre tract in Houston's inner northwest submarket. This off-market transaction paves the way for the development of a significant industrial facility on the site in the near future.
Players
Houston Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
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