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Kingbourne LLC Acquires 21,349 SF Industrial Property In Virginia Beach For $4M

Property Image
SOLD
$4,000,000

Virginia

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Industrial21,349 SF
Sold 01/08/2024
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Property Image
SOLD

Kingbourne LLC Acquires 21,349 SF Industrial Property In Virginia Beach For $4M

2645 International Pkwy

See Similar Deals
Industrial21,349 SF
Sold 01/08/2024
the dealplayerscompscontact
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Summary

VIRGINIA
Asset Type:Industrial
Price Per Square Foot:$187
Total Square Footage:21,349 SF
Transaction Type:Sale

A 21,349 square-foot industrial/flex building located at 2645 International Parkway in Virginia Beach, Virginia has been sold for $4,000,000. The property, situated on three acres, was acquired by Kingbourne LLC from JLB Property Associates, LLC as an investment. The sale was facilitated by Janet Whitbeck of Cushman & Wakefield | Thalhimer, representing both the buyer and seller in the negotiations.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $4,000,000
  • Square Footage: 21,349
  • Price per Square Foot: $187
  • Address: 2645 International Parkway, Virginia Beach, VA
  • Market: Virginia Beach, VA

Janet Whitbeck, a representative from Cushman & Wakefield, played a key role in facilitating the sale of the property. The transaction involved Kingbourne LLC as the buyer and JLB Property Associates, LLC as the seller.

Players

Janet Whitbeck
Cushman & Wakefield
Janet Whitbeck
5 deals$19.4M volume
BROKER

Details

SOLD
IMAGE: Janet Whitbeck DATE: 01/08/2024 ADDRESS: 2645 International Pkwy MARKET: Virginia Beach, VA ASSET TYPE: Industrial BUYER: Kingbourne LLC SELLER: JLB Property Associates, LLC BROKER: Janet Whitbeck - Cushman & Wakefield SALE PRICE: $4,000,000 SF: 21,349 ~ PPSF: $187 NOTE: Cushman & Wakefield | Thalhimer has facilitated the sale of a 21,349 square-foot industrial/flex building at 2645 International Parkway in Virginia Beach, Virginia. The property, spanning three acres, was acquired by Kingbourne LLC from JLB Property Associates, LLC for $4,000,000 as an investment, with Janet Whitbeck representing both buyer and seller in the sale negotiations.

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

$213,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$14,211.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,962.04
Annual Debt Service$227,544.49