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60 Leonard Street

Stephen Izzi Trucking Expands Lease At 60 Leonard Street Metuchen Under Landlord Seagis Property Group
LEASEDIndustrial

Stephen Izzi Trucking Expands Lease At 60 Leonard Street Metuchen Under Landlord Seagis Property Group

60 Leonard Street

Building Size

158,641 SF

Asset Type

Industrial

Closing

Nov 12, 2024

AI

The industrial property located at 60 Leonard Street in Metuchen has an asset size of 158,641 square feet. This lease expansion brings the property to full occupancy. The expanded space features 21-foot ceilings, trailer parking, and office areas, enhancing its logistics capabilities.

Summary of transaction details:

Stephen Izzi Trucking has expanded its lease by signing for a larger space after initially leasing 62,802 square feet in 2022. The brokerage involved in this transaction includes David Izzi, Gregory Irving, and Steve Bussel from Bussel Realty, representing the interests of the parties involved in this deal.

Players

Steve Bussel

Bussel Realty

Broker

$44.7M

vol

9 deals

Broker

Metuchen 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