Marc English Of Sapphire Bay Land Holdings Acquires Land In Rockwall From Sunny Patel
600 Cooke Drive
Building Size
85,116 SF
Asset Type
Retail
Closing
Oct 16, 2024
AI
The property involved in the transaction is a hotel pad site located at 600 Cooke Drive in Rockwall, consisting of approximately 1.954 acres with a total square footage of 85,116. The site is part of Sapphire Bay, a mixed-use development situated at the intersection of Interstate 30 and Dalrock Rd in Rowlett, Texas.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: Not disclosed
- Buyer: Marc English - Sapphire Bay Land Holdings
- Seller: Sunny Patel - Yuvraj Management
- Brokers: Giancarlo "GC" Carriero, CCIM & Scott Rodgers - DuWest Realty
- Development: 130 room +/- Tempo by Hilton Hotel
- Date of Transaction: 10/16/2024
This transaction was facilitated by DuWest Realty, who successfully closed the deal bringing Shiv Hospitality Group into the project. The development aims to enhance local amenities and is a key component of the vibrant Sapphire Bay project that will benefit residents and visitors in the area.
Players
Rowlett Retail Market Snapshot
Boundary boundary · Retail · 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