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10 Horizon BLVD, South Hack...

I-FE Apparel Renews Lease At South Hackensack Industrial Building With Alfred Sanzari Enterprises
LEASEDIndustrial

I-FE Apparel Renews Lease At South Hackensack Industrial Building With Alfred Sanzari Enterprises

10 Horizon BLVD, South Hackensack...

Building Size

36,165 SF

Asset Type

Industrial

Closing

Nov 22, 2023

AI

An industrial building located at 10 Horizon Blvd in South Hackensack has been the subject of a lease renewal involving apparel company I-FE Apparel Inc. The tenant, known for its brands PJ Mark and Bleeker & Mercer, has been occupying 36,165 square feet of the 57,225-square-foot property for nearly two decades. The property is strategically positioned approximately two miles from Route 17, catering to tenants with extensive distribution needs.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not Applicable
  • Address: 10 Horizon Blvd, South Hackensack
  • Market: South Hackensack
  • Landlord's Rep: Stephen Jennings (Alfred Sanzari Enterprises)
  • Tenant: I-FE Apparel Inc
  • Square Feet: 36,165

Stephen Jennings, the Vice President of Leasing and Marketing at Alfred Sanzari Enterprises, represented the ownership in the lease renewal. I-FE Apparel Inc., under the labels PJ Mark and Bleeker & Mercer, draws inspiration from New York culture to design apparel tailored for individuals with active, functional, and trendy lifestyles. The decision to extend the lease for another term highlights the mutually beneficial relationship between the tenant and the landlord, ensuring that I-FE Apparel continues to operate from a space that aligns with its success and growth objectives.

Players

Stephen Jennings

Alfred Sanzari Enterprises

Broker

10 deals

Broker

South Hackensack 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