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Justin Kline Of Schenley Investments Acquires Industrial Portfolio In Virginia Beach For $22M

Property Image
SOLD
$22,000,000
Geoffrey "Geoff" Poston
Brett Sain

Virginia

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Industrial369,000 SF
Sold 07/24/2024
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Property Image
SOLD

Justin Kline Of Schenley Investments Acquires Industrial Portfolio In Virginia Beach For $22M

1337 Taylor Farm Road & 1345 Taylor Farm Road

See Similar Deals
Industrial369,000 SF
Sold 07/24/2024
Geoffrey "Geoff" Poston
Brett Sain
the dealplayerscompscontact
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Summary

VIRGINIA
Asset Type:Industrial
Price Per Square Foot:$59
Total Square Footage:369,000 SF
Transaction Type:Sale

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

Geoffrey "Geoff" Poston
Cushman & Wakefield
Geoffrey Poston
11 deals$95M volume
BROKER
Brett Sain
Cushman & Wakefield
Brett Sain
6 deals$66.2M volume
BROKER

Details

SOLD
IMAGE: 07/24/2024 ADDRESS: 1337 Taylor Farm Road & 1345 Taylor Farm Road MARKET: Virginia Beach, VA ASSET TYPE: Industrial BUYER: Justin Kline - Schenley Investments, LLC BROKERS: Brett Sain & Geoffrey Poston - Cushman & Wakefield SALE PRICE: $22,000,000 SF: 184,500 ~ PPSF: $119 NOTE: Schenley Investments acquired the Taylor Farm I & II industrial portfolio in Virginia Beach for $22 million in an off-market deal, represented by Cushman & Wakefield | Thalhimer.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,173,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69