Updated May 12, 2025
Thor Equities Acquires Industrial Property In Passaic For $52M
153 Linden St
Building Size
—
Asset Type
—
Closing
Sep 15, 2022
About this deal
AI
The asset involved in the transaction is an industrial property located at 153 Linden St, Passaic, characterized by a sale price of $52,000,000 and a total square footage of 330,000. This results in a price per square foot of $158.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $52,000,000
- Square Footage: 330,000
- Price per Square Foot: $158
- Buyer: Thor Equities
- Buyer Representatives: Joe Sitt, Jack Sitt & Alec Ludwig
- Seller: Howard Warehouse
- Brokerage: Lee & Associates
- Broker Representatives: Drew Maffey, Rick Marchisio & Brian Lynch
The transaction highlights the roles of the individuals involved, including the buyers represented by Joe Sitt, Jack Sitt, and Alec Ludwig of Thor Equities, and the seller Howard Warehouse. The brokerage firm Lee & Associates facilitated the deal through representatives Drew Maffey, Rick Marchisio, and Brian Lynch, showcasing a collaborative effort in this industrial property transaction.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93