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RetroAIM Properties Purchases Office Building In Virginia Beach From 555 S Independence For $8.2M
SOLD
$8,200,000
Virginia
See Similar DealsOffice61,528 SF
Sold 07/10/2025
SOLD
RetroAIM Properties Purchases Office Building In Virginia Beach From 555 S Independence For $8.2M
555 South Independence Boulevard
See Similar DealsOffice61,528 SF
Sold 07/10/2025
Summary
VIRGINIA
Asset Type:Office
Price Per Square Foot:$133
Total Square Footage:61,528 SF
Transaction Type:Sale
The property asset involved in this transaction is an office located at 555 South Independence Boulevard in Virginia Beach, VA. The sale was completed for a total amount of $8,200,000, with a square footage of 61,528 and a price per square foot of $133.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $8,200,000
- Address: 555 South Independence Boulevard
- Market: Virginia Beach, VA
- Square Footage: 61,528
- Price Per Square Foot: $133
- Buyer: RetroAIM Properties, LLC
- Seller: 555 S Independence, LLC
- Brokers: Clark Simpson, Erik Conradi & Christine Kaempfe - Cushman & Wakefield
This transaction highlights the role of Cushman & Wakefield | Thalhimer, which brokered the sale of the property for RetroAIM Properties, facilitating the establishment of TST’s new corporate headquarters in this strategic location.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$437,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$29,132.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,872.18
Annual Debt Service$466,466.20
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