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:
- Property Type: Industrial
- Transaction Amount: Not specified
- Address: 60 Leonard Street
- Market: Metuchen
- Landlord: Tyler Baker - Seagis Property Group
- Tenant: Stephen Izzi Trucking
- Brokers: David Izzi, Gregory Irving & Steve Bussel - Bussel Realty
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
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