Panattoni Development Co. Acquires 20.47 Acre Industrial Property In Covington, WA For $12.2M
SOLD
$12,200,000
Washington
See Similar DealsIndustrial
Sold 05/01/2023
SOLD
Panattoni Development Co. Acquires 20.47 Acre Industrial Property In Covington, WA For $12.2M
28009 Covington Way Southeast, Covington, Washington 98042, United States
See Similar DealsIndustrial
Sold 05/01/2023
Summary
WASHINGTON
Asset Type:Industrial
Transaction Type:Sale
The industrial property located at 28009 Covington Way SE in Covington, WA has been sold in a transaction dated January 5, 2023. The property spans an area of 20.47 acres. The buyer of the property is Panattoni Development Co. The sale price for the transaction was $12,200,000.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $12,200,000
- Address: 28009 Covington Way SE, Covington, WA
- Market: Covington, WA
- Acres: 20.47
- Buyer: Panattoni Development Co.
The sale of this industrial property represents a significant deal in the Covington market. Panattoni Development Co. acted as the buyer's representative in this transaction.
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Deal Type
30 years
10 years
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
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