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
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