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Penske Truck Leasing Acquires Industrial Property In Newport News For $1.1M
SOLD
$1,100,000
Virginia
See Similar DealsIndustrial5,319 SF
Sold 07/01/2024
SOLD
Penske Truck Leasing Acquires Industrial Property In Newport News For $1.1M
9 Reservoir Road
See Similar DealsIndustrial5,319 SF
Sold 07/01/2024
Summary
VIRGINIA
Asset Type:Industrial
Price Per Square Foot:$206
Total Square Footage:5,319 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$58,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,908.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,214.56
Annual Debt Service$62,574.73
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