Updated Dec 21, 2023
EverWest And Woodmont Properties Acquire Office And Development Site In Somerset For $42.7M
400 Atrium Drive, Somerset, NJ 08873, USA
$42,700,000
$121/SF
Building Size
351,782 SF
Asset Type
Development Site
Closing
Sep 17, 2021
About this deal
AI
The property involved in this transaction is located at 400 & 600 Atrium Drive in Somerset. It consists of an office building and a development site, spanning approximately 7 acres. The transaction took place on September 17, 2021.
Summary of transaction details:
- Property Type: Office & Development Site
- Transaction Amount: $42,700,000
- Address: 400 & 600 Atrium Drive, Somerset
- Market: Somerset
- Size: 351,782 square feet
- Price per Square Foot: $121
The buyer in this transaction is EverWest Real Estate Investors represented by Stephen Feinberg, and Woodmont Properties represented by Anthony Amadeo. The brokers involved in the deal are Elli Klapper, Kevin Dudley, and Mark Silverman from CBRE.
Players
Somerset Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93