Updated May 30, 2025
Reese Real Estate Development Partners Acquires Development Site In Danville For $3.42M
126 Piedmont Place
$3,420,000
$97/SF
Building Size
35,212 SF
Asset Type
Development Site
Closing
May 28, 2025
About this deal
AI
A development site consisting of 5.38 acres was sold for $3,420,000. The property, located at 126 Piedmont Place in Danville, VA, encompasses a total of 35,212 square feet, resulting in a price per square foot of $97.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,420,000
- Address: 126 Piedmont Place
- Market: Danville, VA
- Asset Size: 5.38 acres
- Square Footage: 35,212
- Price Per Square Foot: $97
- Buyer: Reese Real Estate Development Partners
- Seller: LIDL US Operations, LLC
- Broker: Alex T. Wotring - Cushman & Wakefield
Reese Real Estate Development Partners executed the acquisition of the former LIDL grocery store from LIDL US Operations, LLC. The transaction was facilitated by broker Alex T. Wotring from Cushman & Wakefield, who represented the interested parties in this deal.
Danville Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.64%
Cash-on-Cash
-1.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93