Moda Foods Leases Industrial Space In Fairfield To Full Occupancy By Elliot Ferris
123 Lehigh Drive
Building Size
22,523 SF
Asset Type
Industrial
Closing
Feb 22, 2024
AI
Industrial property located at 123 Lehigh Drive in Fairfield spanning 22,523 square feet was leased to Moda Foods. The strategic location of the property was a key factor in facilitating the deal.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not specified
- Address: 123 Lehigh Drive
- Market: Fairfield
- Landlord: Elliot Ferris - STRO Cos
- Tenant: Rubil Vural - Moda Foods
- Landlord's Rep: Bill Waxman, David Gheriani, Jeff Volpi, Mindy Lissner & Morgan Nitti - Cushman & Wakefield
- Tenant's Rep: Brian Wilson - Resource Realty
Moda Foods, a company renowned for desserts like macaroons and Turkish delights, selected the leased space at 123 Lehigh Drive in Fairfield to enhance its distribution networks across 25 states. The deal brought the building to full occupancy, showcasing the attractiveness of northern New Jersey's industrial market.
Players
Fairfield 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