Updated Oct 28, 2024
Progress Realty Partner Acquires 5.5 Acres Commercial Property In Whippany For $7.3M
60 South Jefferson Road, Whippany, New Jersey 07981, United States
$7,325,000
$198/SF
Building Size
37,000 SF
Asset Type
Commercial
Closing
Feb 3, 2022
About this deal
AI
The commercial property located at 60 S. Jefferson Road in Whippany has been sold for a total price of $7,325,000. The property spans across 5.5 acres and offers a total square footage of 37,000. The sale price per square foot amounted to $198. The transaction took place on 02/04/2022.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $7,325,000
- Address: 60 S. Jefferson Road, Whippany
- Market: Whippany
- Acres: 5.5
The buyer of the property was Progress Realty Partner, while the seller was Tulfra Real Estate, represented by Sonny Jumani. The transaction was facilitated by brokers Alan Cafiero and Mark Gjonbalaj from Marcus & Millichap. ConnectOne Bank, with Leo Faresich as the lender, provided the necessary financing for the deal.
Players
Whippany Commercial Market Snapshot
Boundary boundary · Commercial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.17%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93