1129 Production Road, LLC Acquires 18.3 Acres Industrial Property In Norfolk, VA For $20M
SOLD
$20,000,000
+ 1
Virginia
See Similar DealsIndustrial346,000 SF
Sold 10/11/2022
SOLD
1129 Production Road, LLC Acquires 18.3 Acres Industrial Property In Norfolk, VA For $20M
1129 Production Road, Norfolk, Virginia 23502, United States
See Similar DealsIndustrial346,000 SF
Sold 10/11/2022
+ 1
Summary
VIRGINIA
Asset Type:Industrial
Price Per Square Foot:$57
Total Square Footage:346,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$71,055.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$94,810.20
Annual Debt Service$1,137,722.44
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