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Heritage Capital Group Acquires Chesapeake Property For $61 Million With Cushman & Wakefield Brokers

Property Image
SOLD
$61,000,000
Eric Robison
Eric Berkman

Virginia

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Industrial
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Property Image
SOLD

Heritage Capital Group Acquires Chesapeake Property For $61 Million With Cushman & Wakefield Brokers

1449 Kristina Way, Chesapeake, VA, 2...

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Industrial
Eric Robison
Eric Berkman
the dealplayerscompscontact
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Summary

VIRGINIA
Asset Type:Industrial
Transaction Type:Sale

The transaction involved the sale of Crossways Commerce Center I & II, a three-building industrial/flex portfolio located at 1449 Kristina Way and 1501 and 1545 Crossways Blvd. in Chesapeake, VA. The properties encompass a total of 525,082 square feet and were sold for $61,000,000.00. At the time of sale, the portfolio was fully leased to tenants including General Dynamics, Fiserv, Sentara Healthcare, Safelite Fulfillment Inc., Mid-Atlantic Engineering, and Regus.

Summary of transation details:

  • Property Type: Industrial/Flex
  • Transaction Amount: $61,000,000.00
  • Address: 1449 Kristina Way, Chesapeake, VA
  • Market: Chesapeake
  • Seller's Representatives: Eric Berkman & Eric Robison - Cushman & Wakefield
  • Buyer: Heritage Capital Group
  • Square Footage: 525,082

Cushman & Wakefield’s Capital Markets Group facilitated the deal, representing the seller, D.C.-based DSC Partners. The acquisition was made by Heritage Capital, a family office from New Jersey.

Players

Eric Robison
Cushman & Wakefield
Eric Robison
9 deals$411.2M volume
BROKER
Eric Berkman
Cushman & Wakefield
Eric Berkman
6 deals$583.3M volume
BROKER
Heritage Capital Group
Heritage Capital Group
BUYER

Details

SOLD
IMAGE: 1449 Kristina Way, Chesapeake, VA, 2... MARKET: Chesapeake SELLER'S REP: Eric Berkman & Eric Robison -Cushman & Wakefield BUYER: Heritage Capital Group PRICE: $61,000,000.00 SF: 0

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

$3,253,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$216,720.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$289,171.12
Annual Debt Service$3,470,053.45