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79 Vreeland Rd, Florham Par...

New Jersey Ballet Company Leases 16,641 SF Commercial Space In Florham Park
LEASEDCommercial

New Jersey Ballet Company Leases 16,641 SF Commercial Space In Florham Park

79 Vreeland Rd, Florham Park, NJ, 079...

Building Size

16,641 SF

Asset Type

Commercial

Closing

Nov 22, 2023

AI

The property at 79 Vreeland Rd, Florham Park, NJ, 079... is a commercial asset comprising 16,641 square feet. It is the new location for the New Jersey Ballet Company, which is moving from Livingston to this larger space to expand its operations and continue its mission of teaching the community about ballet.

Summary of transation details:

  • Property Type: Commercial
  • Transaction Amount: Not specified
  • Tenant's Rep: Nicholas (Nick) DePaolera (NAI Capital)
  • Landlord's Rep: Richard Mirliss (P & M Advisors)
  • Tenant: New Jersey Ballet Company
  • Landlord: SK Realty Management
  • Square Feet: 16,641

The deal was facilitated by CBRE's Thomas Mallaney representing the landlord, SK Realty Management. On the tenant's side, the NAI James E. Hanson team of Joshua Levering and Nick DePaolera played a key role. Additionally, New Jersey Ballet has enlisted CBRE's project management unit to oversee the construction aspects of the move. Parette Somjen will be responsible for designing the new space, ensuring a smooth transition for the ballet company.

Players

W. Joshua Levering

NAI Global

Broker

7 deals

Broker
SM
SK Realty ManagementLandlord

Florham Park Commercial Market Snapshot

Boundary boundary · Commercial · Lease 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