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Seminole Trail Management Acquires Office Property In Virginia Beach For $12.2M

Property Image
SOLD
$12,200,000

Virginia

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Office78,619 SF
Sold 06/27/2022
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Property Image
SOLD

Seminole Trail Management Acquires Office Property In Virginia Beach For $12.2M

780 Lynnhaven Parkway, Virginia Beach, Virginia 23452, United States

See Similar Deals
Office78,619 SF
Sold 06/27/2022
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Summary

VIRGINIA
Asset Type:Office
Price Per Square Foot:$155
Total Square Footage:78,619 SF
Transaction Type:Sale

Located at 780 Lynnhaven Pkwy in Virginia Beach, VA, this office property has recently changed hands in a sale transaction. The property encompasses a total area of 78,619 square feet and was sold for a price of $12,200,000, resulting in a price per square foot of $155. The transaction was facilitated by Jason Oliver and Michael Divaris from Divaris Real Estate, Inc.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: $12,200,000
  • Square Footage: 78,619
  • Price per Square Foot: $155
  • Address: 780 Lynnhaven Pkwy, Virginia Beach, VA
  • Market: Virginia Beach, VA

The buyer of the property is Seminole Trail Management, while the seller is CCP Commercial Real Estate. Jason Oliver and Michael Divaris, representing Divaris Real Estate, Inc., acted as the brokers in the transaction. This deal highlights the collaboration between these key individuals and companies, contributing to the successful completion of the sale.

Players

Jason Oliver
2 deals$20.4M volume
BROKER

Michael Divaris
Divaris Real Estate
1 deal$12.2M volume
BROKER

BUYER

Details

SOLD
IMAGE: Jason Oliver & Michael Divaris DATE: 06/27/2022 ADDRESS: 780 Lynnhaven Pkwy MARKET: Virginia Beach, VA ASSET TYPE: Office BUYER: Seminole Trail Management SELLER: CCP Commercial Real Estate BROKERS: Jason Oliver & Michael Divaris - Divaris Real Estate, Inc. SALE PRICE: $12,200,000 SF: 78,619 ~ PPSF: $155

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$650,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$43,344.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$57,834.22
Annual Debt Service$694,010.69