Updated Dec 4, 2024
Penske Truck Leasing Acquires Industrial Property In Newport News For $1.1M
9 Reservoir Road
$1,100,000
$206/SF
Building Size
5,319 SF
Asset Type
Industrial
Closing
Jul 1, 2024
About this deal
AI
The industrial property located at 9 Reservoir Road in Newport News, VA, was sold for $1.1 million. The asset, a 5,319-square-foot truck servicing building situated on 3.12 acres, was acquired by Penske Truck Leasing Company from G. Bernard Smith, Jr. Family Trust at a price of $207 per square foot.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $1,100,000
- Buyer: Penske Truck Leasing Company
- Seller: G. Bernard Smith, Jr
- Broker: Robert Phillips, Jr - Cushman & Wakefield
Bobby Phillips of Cushman & Wakefield | Thalhimer served as the representative for Penske Truck Leasing in the purchase of the industrial property at 9 Reservoir Road, Newport News, VA.
Newport News Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
14.42%
Cash-on-Cash
-4.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93