Updated Dec 4, 2024
Township Of Edison Acquires Development Site In South Edison For $12.75M
41 Glendale Avenue
$12,750,000
$33/SF
Building Size
378,972 SF
Asset Type
Development Site
Closing
Jan 31, 2024
About this deal
AI
The Township of Edison has acquired a development site located at 41 Glendale Avenue in Edison. The property spans 378,972 square feet and was sold for $12,750,000, equating to a price per square foot of $34.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,750,000
- Address: 41 Glendale Avenue
- Market: Edison
- Square Footage: 378,972
Noa Shemtov, Tal Marciano, and Matt Einheber from TitleEQ facilitated the deal between the Township of Edison and the seller. The acquisition was influenced by the cancellation of a warehouse project, prompting the township to focus on enhancing the quality of life for residents, particularly due to concerns over increased truck traffic in the area. Mayor Joshi expressed optimism about the acquisition of this waterfront property in Central Jersey.
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Edison 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
1.24%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93