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Essential Growth Acquisition Properties & Viking Partners Acquire Retail Property In Salem, VA For $16.5M

Property Image
SOLD
$16,500,000
Mark Williford
Peter Vick
+ 1

Virginia

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Retail180,346 SF
Sold 01/26/2022
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Property Image
SOLD

Essential Growth Acquisition Properties & Viking Partners Acquire Retail Property In Salem, VA For $16.5M

1400 West Main Street, Salem, Virginia 24153, United States

See Similar Deals
Retail180,346 SF
Sold 01/26/2022
Mark Williford
Peter Vick
+ 1
Contact now

Summary

VIRGINIA
Asset Type:Retail
Price Per Square Foot:$91
Total Square Footage:180,346 SF
Transaction Type:Sale

The retail property located at 1400 W Main St in Salem, VA has been sold in a recent transaction. The property spans a total area of 180,346 square feet and was sold for a price of $16,500,000, resulting in a price per square foot of $91. The sale was facilitated by Colliers, with Will Bradley, Mark Williford, Peter Vick, and Harrison Hall acting as representatives for both the buyer, Essential Growth Acquisition Properties and Viking Partners, and the seller, Spartan Square Limited Partnership.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $16,500,000
  • Address: 1400 W Main St, Salem, VA
  • Market: Salem, VA
  • Square Footage: 180,346
  • Price per Square Foot: $91
  • Buyer: Essential Growth Acquisition Properties & Viking Partners
  • Seller: Spartan Square Limited Partnership
  • Broker: Will Bradley, Mark Williford, Peter Vick & Harrison Hall - Colliers

The involvement of Will Bradley, Mark Williford, Peter Vick, and Harrison Hall from Colliers as representatives in this transaction highlights their role in facilitating the deal between the buyer and seller. The partnership between Essential Growth Acquisition Properties and Viking Partners as buyers, and Spartan Square Limited Partnership as the seller, resulted in the successful sale of this retail property.

Players

Harrison Hall
2 deals$47.5M volume
BROKER

Peter Vick
Colliers
2 deals$47.5M volume
BROKER

Mark Williford
Newmark
8 deals$211.4M volume(720) 454-0319
BROKER

Will Bradley
Newmark
9 deals$226.1M volume(410) 299-0367
BROKER

BUYER

Details

SOLD
IMAGE: Will Bradley, Mark Williford, Peter Vick & Harrison Hall DATE: 01/26/2022 ADDRESS: 1400 W Main St MARKET: Salem, VA ASSET TYPE: Retail BUYER: Essential Growth Acquisition Properties & Viking Partners SELLER: Spartan Square Limited Partnership BROKER: Will Bradley, Mark Williford, Peter Vick & Harrison Hall - Colliers SALE PRICE: $16,500,000 SF: 180,346 ~ PPSF: $91

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

$880,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$58,621.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$78,218.42
Annual Debt Service$938,621.01