Justin Kline Of Schenley Investments Acquires Industrial Portfolio In Virginia Beach For $22M
1337 Taylor Farm Road & 1345 Taylor Farm Road
$22,000,000
$59/SF
Building Size
369,000 SF
Asset Type
Industrial
Closing
Jul 24, 2024
AI
The industrial asset located at 1337 Taylor Farm Road & 1345 Taylor Farm Road in Virginia Beach, VA, has been sold for $22,000,000. The total square footage of the property is 184,500, which results in a price per square foot of $119.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $22,000,000
- Sale Date: 07/24/2024
- Address: 1337 Taylor Farm Road & 1345 Taylor Farm Road
- Market: Virginia Beach, VA
- Square Footage: 184,500
- Price Per Square Foot: $119
- Buyer: Justin Kline - Schenley Investments, LLC
- Brokers: Brett Sain & Geoffrey Poston - Cushman & Wakefield
Schenley Investments, LLC acquired the Taylor Farm I & II industrial portfolio in an off-market deal, with representation provided by the brokerage firm Cushman & Wakefield | Thalhimer.
Players
Virginia Beach Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93