Assume you are an investment manager and you have a retail and logistics client with a requirement for a last mile logistics facility with 138,000 SF located in the Gowanus section of Brooklyn. You estimate that total hard and soft costs would be $253.0/SF. Assume a building to land coverage ratio of 50%. You option land at $201.00/SF of Land Area. Your pension fund investors are demanding a min. return of 5.8% on costs. What min. rent in $/SF/Yr do you need to achieve your target unleveraged 5.8% yield on cost?

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please provide explanation