Reuben Berman Of Entrada Partners Acquires Richardson Tech Center From Alan Hartman For $8.6M
651 North Plano Road
Building Size
—
Asset Type
Mixed-use
Closing
Sep 4, 2024
AI
The transaction involved the sale of a mixed-use asset located at 651 North Plano Road in the Richardson market. The property, known as Richardson Tech Center, consists of four buildings and was previously purchased for $5 million in 2018. The current market value is noted at $8.6 million.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: Not disclosed
- Buyer: Reuben Berman - Entrada Partners
- Seller: Alan Hartman - Hartman Properties
- Lender: Zions Bancorporation
Alan Hartman's Hartman Properties facilitated the sale to an entity linked with Entrada Partners, reflecting a significant increase in property value since the original purchase.
Players
Richardson Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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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