Soligent Distribution Leases 55K SF Industrial Space In Millstone Township
1 Debaun Road
Building Size
54,973 SF
Asset Type
Industrial
Closing
Jan 31, 2024
AI
Soligent Distribution LLC, a solar panel distributor, has leased 54,973 square feet of industrial space located at 1 Debaun Road in Millstone Township, Monmouth County. The property is owned by Scannell Properties. The lease brings the property to full occupancy and supports Soligent's green initiatives as they relocate from the Exit 8A submarket to a more central location.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not available
- Address: 1 Debaun Road
- Market: Millstone Township
- Square Footage: 54,973
The landlord is Bob Scannell of Scannell Properties. Representing the landlord in the transaction were John Gianis, Judy Troiano, Matthew C. Turse, and Timothy Cadigan from Avison Young. The tenant, Soligent Distribution LLC, was represented by Lauren Pesqueda of Whitebox Real Estate and Mike Maroon of The Acclaim Group.
Players
Perrineville Industrial Market Snapshot
Boundary boundary · Industrial · 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