1129 Production Road, LLC Acquires 18.3 Acres Industrial Property In Norfolk, VA For $20M
1129 Production Road, Norfolk, Virginia 23502, United States
$20,000,000
$57/SF
Building Size
346,000 SF
Asset Type
Industrial
Closing
Oct 10, 2022
AI
An industrial property located at 1129 Production Road in Norfolk, VA has been sold in a sale-leaseback transaction. The property spans over 18.3 acres and offers a total of 346,000 square feet of space. The transaction involved a purchase by 1129 Production Road, LLC for a sale price of $20,000,000, resulting in a price per square foot of $58.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $20,000,000
- Address: 1129 Production Road, Norfolk, VA
- Market: Norfolk, VA
- Acres: 18.3
The sale-leaseback deal was facilitated by the brokers Clark Simpson, Erik Conradi, Geoff Poston, and Clay Culbreth from Thalhimer.
Players
Norfolk Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93