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20 Basin Drive, New Jersey

Global Courier Express Leases 160,277 SF At Kearny Point Industrial Park In Kearny
LEASEDIndustrial

Global Courier Express Leases 160,277 SF At Kearny Point Industrial Park In Kearny

20 Basin Drive, New Jersey

Building Size

160,277 SF

Asset Type

Industrial

Closing

Sep 15, 2023

AI

Global Courier Express (GCE) has signed two leases totaling 160,277 square feet at Kearny Point Industrial Park in Kearny, New Jersey. GCE will be relocating from Linden, New Jersey, to occupy 96,375 square feet at 205 Campus Drive and 63,902 square feet at 20 Basin Drive. These industrial spaces offer ample room for GCE to expand and enhance its operations in a prime location.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: N/A
  • Square Footage: 160,277
  • Address: 20 Basin Drive & 205 Campus Drive
  • Market: Kearny

The landlord, Hugo Neu, has successfully secured GCE as a tenant, showcasing the desirability of the Kearny Point Industrial Park. As GCE's representative, Jimo Liu from Avison Young played a crucial role in negotiating the leases. Chad Hillyer, Kate Granahan, Kevin Dudley, and Nicholas Klacik from CBRE acted as the landlord's representatives, ensuring a smooth transaction for both parties involved. This deal highlights the collaborative efforts of the brokers and the commitment to meeting GCE's specific requirements.

Players

Kevin Dudley

CBRE

Broker

$174.8M

vol

22 deals

Broker

Hugo Neu

Landlord

2 deals

Landlord

Mirror Lake 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