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2697 International Parkway,...

Medalist Diversified REIT Acquires 4.39 Acres Office Property In Virginia Beach For $7.3M
SOLDOffice

Medalist Diversified REIT Acquires 4.39 Acres Office Property In Virginia Beach For $7.3M

2697 International Parkway, Virginia Beach, VA, USA

$7,300,000

$113/SF

Building Size

64,109 SF

Asset Type

Office

Closing

Nov 5, 2021

AI

An office property located at 2697 International Parkway in Virginia Beach, VA has been sold in a closed transaction. The property spans over 4.39 acres and is classified as an office asset. The sale took place on 11/05/2021.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $7,300,000
  • Square Footage: 64,109
  • Price Per Square Foot: $114
  • Address: 2697 International Parkway, Virginia Beach, VA
  • Market: Virginia Beach, VA

Medalist Diversified REIT purchased the property from CCP Commercial Real Estate. The transaction was facilitated by Pat Mugler, Ricky Anderson, and Michael Ettel from Colliers.

Players

Pat Mugler

Colliers

Broker

$7.3M

vol

1 deal

Broker
CE
CCP Commercial Real EstateSeller

Virginia Beach Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.17%

Cash-on-Cash

-0.62%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93