Mega Furniture Acquires Former Sears Location At Ingram Park Mall In San Antonio For Undisclosed Amount
6301 NW Loop 410
Building Size
169,000 SF
Asset Type
Retail
Closing
May 1, 2023
About this deal
AI
A former Sears location at the Ingram Park Mall in San Antonio, Texas, which has been vacant since 2018, was sold to Phoenix-based Mega Furniture. The space comprises 169,000 square feet and is located at 6301 NW Loop 410. The property's assessed value is approximately $7.2 million.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not disclosed
- Market: San Antonio
- Buyer: Mega Furniture
- Brokers: Ryan West, John Indelli & Davis Adams - JLL
- Lender: KS StateBank
A representative of Mega Furniture reportedly took out a $4.88 million loan from KS StateBank for the transaction. The exact terms of the deal were not disclosed.
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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