PS Business Parks Acquires Industrial Property In Grapevine For $123M
SOLD
Texas
See Similar DealsIndustrial717,735 SF
Sold 09/02/2021
SOLD
PS Business Parks Acquires Industrial Property In Grapevine For $123M
749 Port America Place, Grapevine, TX 76051, USA
See Similar DealsIndustrial717,735 SF
Sold 09/02/2021
Summary
TEXAS
Asset Type:Industrial
Price Per Square Foot:$171
Total Square Footage:717,735 SF
Transaction Type:Sale
Stockbridge Capital Group has recently sold an industrial property located at 749 Port America Place in Grapevine. The property spans 717,735 square feet and sits on a 50-acre lot. The sale price for this transaction was $123,000,000, resulting in a price per square foot of $171 and a price per acre of $2,460,000.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $123,000,000
- Date: 09/02/2021
- Address: 749 Port America Place
- Market: Grapevine
- Seller: Stockbridge Capital Group - Mark Carlson
- Buyer: PS Business Parks - Mac Chandler
Mark Carlson of Stockbridge Capital Group represented the seller in this transaction, while Mac Chandler of PS Business Parks represented the buyer. This sale marks a significant transaction in the Grapevine industrial market, showcasing the demand and value in the area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,559,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$436,993.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$583,082.75
Annual Debt Service$6,996,993.02
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