Paul Ellis' Foundry Commercial Acquires 287,000-Square-Foot Office Building In Irving
4000 Horizon Way
Building Size
287,000 SF
Asset Type
Office
Closing
Jan 2, 2024
About this deal
AI
Foundry Commercial, represented by Paul Ellis from Foundry Commercial, has acquired a 287,000-square-foot office building located at 4000 Horizon Way in Irving. The property spans across 24.2 acres in the Irving market.
Summary of transaction details
- Property Type: Office
- Transaction Amount: N/A
- Square Footage: 287,000
- Address: 4000 Horizon Way
- Market: Irving
- Buyer: Paul Ellis - Foundry Commercial
Foundry Commercial plans to convert the acquired office building into a 337,000-square-foot industrial facility. Construction for this project will commence in the first quarter. The conversion will provide additional space for industrial operations in the area.
On the Map
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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