Updated Dec 4, 2024
ARLS Properties LLC Acquires Development Site In Highland Springs For $1.5M
301 South Airport Drive
$1,500,000
Building Size
—
Asset Type
Development Site
Closing
Mar 7, 2024
About this deal
AI
Located at 301 South Airport Drive in Highland Springs, VA, a Development Site spanning 4.68 acres was recently sold for $1,500,000. The transaction involved ARLS Properties LLC purchasing the land from Marchetti Properties. The sale was facilitated by brokers Connie Jordan Nielsen & Nicki Jassy of Cushman & Wakefield.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,500,000
- Address: 301 South Airport Drive
- Market: Highland Springs, VA
- Asset Type: Development Site
- Acres: 4.68
- Buyer: ARLS Properties LLC
- Brokers: Connie Jordan Nielsen & Nicki Jassy - Cushman & Wakefield
The sale of the 4.68-acre development site at 301 South Airport Drive near Richmond International Airport in eastern Henrico County marks a significant move in the real estate market. Cushman & Wakefield | Thalhimer played a crucial role in completing this transaction, enabling ARLS Properties LLC to acquire the land for a retail development project from Marchetti Properties.
Players
Highland Springs 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
10.58%
Cash-on-Cash
-3.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93