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Cushman & Wakefield Sells Chesapeake Industrial Asset For $2.2M
SOLD
$2,200,000
Virginia
See Similar DealsIndustrial18,865 SF
Sold 06/27/2024
SOLD
Cushman & Wakefield Sells Chesapeake Industrial Asset For $2.2M
3419 Business Center Drive
See Similar DealsIndustrial18,865 SF
Sold 06/27/2024
Summary
VIRGINIA
Asset Type:Industrial
Price Per Square Foot:$116
Total Square Footage:18,865 SF
Transaction Type:Sale
The industrial property located at 3419 Business Center Drive in Chesapeake, VA spans across 1.92 acres. It was sold for $2,200,000 at a rate of $117 per square foot. The transaction was facilitated by Cushman & Wakefield | Thalhimer with CBC Prop as the seller and a private investment group as the buyer.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $2,200,000
- Address: 3419 Business Center Drive, Chesapeake, VA
- Market: Chesapeake, VA
- Square Footage: 18,865
- Seller: CBC Prop
- Buyer: Private investment group
The sale of 3419 Business Center Drive in Chesapeake, Virginia, also involved brokers Geoffrey Poston and Tony Weiss from Cushman & Wakefield. The property was successfully acquired by the private investment group for $2,288,000.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$117,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$7,816.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$10,429.12
Annual Debt Service$125,149.47
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