Updated Dec 4, 2024
Jean-Michel Ribiéras Extends Lease At 431,720 SF Industrial Facility In Florence Township
1500 John Galt Way
Building Size
431,720 SF
Asset Type
Industrial
Closing
Jan 10, 2024
About this deal
AI
The lease for a 431,720 sq ft industrial facility located at 1500 John Galt Way in Florence Township's Haines Center Industrial Park has been extended. The property offers strategic logistics advantages with cross-dock loading and rail service via the Bordentown Secondary Rail Line.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not Applicable
- Address: 1500 John Galt Way
- Market: Florence Township
- Square Footage: 431,720
The lease extension involves Jean-Michel Ribiéras of Sylvamo North America, who will continue to occupy the facility. The building is jointly occupied by Sylvamo and International Paper. Richard Rick Cureton of Whitesell Construction Co. serves as the landlord for the property. The lease extension was facilitated by the brokers Alex Stringfellow and Marc Isdaner from Colliers International.
On the Map
Industrial
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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