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Industrial Realty Group Acquires Industrial Facility At 3321 East Princess Anne Road For $34.9M

Property Image
SOLD
$34,900,000

Virginia

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Industrial104,334 SF
Sold 07/11/2024
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Property Image
SOLD

Industrial Realty Group Acquires Industrial Facility At 3321 East Princess Anne Road For $34.9M

3321 East Princess Anne Road

See Similar Deals
Industrial104,334 SF
Sold 07/11/2024
the dealplayerscompscontact
Contact now

Summary

VIRGINIA
Asset Type:Industrial
Price Per Square Foot:$334
Total Square Footage:104,334 SF
Transaction Type:Sale

The property involved in this transaction is an industrial facility located at 3321 East Princess Anne Road, Norfolk, VA. The sale price was $34,900,000, and the property encompasses a total area of 104,334 square feet, resulting in a price per square foot of $335.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $34,900,000
  • Address: 3321 East Princess Anne Road
  • Market: Norfolk, VA
  • Square Footage: 104,334
  • Price Per Square Foot: $335
  • Buyer: Industrial Realty Group
  • Seller: 3321 Princess Anne LLC
  • Broker: Stephanie Sanker - S.L. Nusbaum Realty Co.

Stephanie Sanker represented the seller, 3321 Princess Anne LLC, in this transaction. The deal facilitated by S.L. Nusbaum Realty Co. involved the acquisition of a facility with a significant size of 298,126 square feet by the buyer, Industrial Realty Group.

Players

Stephanie Sanker
S.L. Nusbaum Realty Co.
Stephanie Sanker
1 deal$34.9M volume(757) 679-1065
BROKER

Details

SOLD
IMAGE: 07/11/2024 ADDRESS: 3321 East Princess Anne Road MARKET: Norfolk, VA ASSET TYPE: Industrial BUYER: Industrial Realty Group SELLER: 3321 Princess Anne LLC BROKER: Stephanie Sanker - S.L. Nusbaum Realty Co. SALE PRICE: $34,900,000 SF: 104,334 ~ PPSF: $335 NOTE: S.L. Nusbaum Realty Co. facilitated the $34.9 million sale of a 298,126-square-foot industrial facility at 3321 Princess Anne Road in Norfolk to Industrial Realty Group. Stephanie Sanker of S.L. Nusbaum represented the seller, 3321 Princess Anne LLC.

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

$1,861,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$123,992.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$165,443.81
Annual Debt Service$1,985,325.66