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Opal Holdings Acquires Fort Worth Office Building For $137.5M

Property Image
SOLD
$137,500,000

Texas

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Office1,000,000,000 SF
Sold 05/03/2021
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Property Image
SOLD

Opal Holdings Acquires Fort Worth Office Building For $137.5M

801 Cherry Street, Fort Worth, TX 76102, USA

See Similar Deals
Office1,000,000,000 SF
Sold 05/03/2021
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Summary

TEXAS
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:1,000,000,000 SF
Transaction Type:Sale

The property involved in this closed transaction is an office located at 801 Cherry St in Fort Worth. The property spans a total area of 1,000,000,000 square feet. The transaction took place on 05/03/2021 and the sale price for the property was $137,500,000, resulting in a price per square foot of $138.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $137,500,000
  • Buyer: Opal Holdings - Shaya Prager
  • Seller: Cousins Properties - Colin Connolly & Gregg Adzema
  • Market: Fort Worth
  • Address: 801 Cherry St

The buyer in this transaction is Opal Holdings, represented by Shaya Prager. On the other side, the seller is Cousins Properties, with Colin Connolly and Gregg Adzema acting as representatives. This significant deal highlights the ongoing activity in the Fort Worth market and showcases the demand for office assets at a sale price of $137,500,000. The transaction demonstrates the continued growth and investment opportunities in the commercial real estate sector.

Players

3 deals$391.5M volume
BUYER


SELLER

Details

SOLD
IMAGE: Colin Connolly, Gregg Adzema, & Shaya Prager DATE: 05/03/2021 ADDRESS: 801 Cherry St MARKET: Fort Worth ASSET TYPE: Office SELLER: Cousins Properties - Colin Connolly & Gregg Adzema BUYER: Opal Holdings - Shaya Prager SALE PRICE: $137,500,000 SF: 1,000,000,000 ~ PPSF: $138

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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$488,508.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$651,820.15
Annual Debt Service$7,821,841.79