First Transit Leases 72,000 SF Industrial Space In North Bergen With Lee & Associates
5901 Tonnelle Ave, North Bergen, NJ...
Building Size
72,000 SF
Asset Type
Industrial
Closing
Nov 22, 2023
AI
Located at 5901 Tonnelle Ave, in North Bergen, NJ, the industrial property spans 72,000 square feet. This space will serve as a van depot for First Transit, enabling the transportation company to cover Bergen County and parts of Passaic County.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not provided
- Market: North Bergen
- Tenant's Rep: Scott Deutchman (Lee & Associates)
- Landlord: Realterm
- Square Feet: 72,000
Representing First Transit in the lease with Realterm, Scott Deutchman of Lee & Associates New Jersey played a key role in securing this property for the expansion of the transportation company's operations. This marks the third successful transaction where Deutchman has represented First Transit in arranging suitable industrial spaces for their specific needs in northern New Jersey.
Players
North Bergen 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