JP Morgan Chase Bank Purchases Property In Evesham Township With Representation From Christopher Henderson WCRE
771 Nj-70, Evesham Township, NJ, 080...
Building Size
3,000 SF
Asset Type
Retail
Closing
Nov 19, 2023
AI
The property asset involved in this transaction is located at 771 Route 70 in Evesham Township, NJ. It encompasses a total square footage of 3,000. The site was previously a convenience store and gas station, making it a redevelopment opportunity for the buyer.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: Not disclosed
- Address: 771 Nj-70, Evesham Township, NJ, 080...
- Seller's Representative: Christopher Henderson - WCRE
- Buyer: JP Morgan Chase Bank
Wolf Commercial Real Estate handled the sale on behalf of Route 70 Marlton Properties LLC. This acquisition marks JP Morgan Chase Bank's strategic expansion into the Philadelphia and southern New Jersey region, where it plans to establish a new branch.
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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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