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601 Lehigh Avenue

Eastern Coach Co. Leases 160,000 Sq Ft Industrial Building In Union, NJ
LEASEDIndustrial

Eastern Coach Co. Leases 160,000 Sq Ft Industrial Building In Union, NJ

601 Lehigh Avenue

$23

$23/SF

Building Size

160,000 SF

Asset Type

Industrial

Closing

May 17, 2023

AI

Eastern Coach Co. has leased the entire 160,000-square-foot industrial building located at 601 Lehigh Ave. in Union, New Jersey. The property, owned by 601 Lehigh Avenue LLC, was leased at an asking rent of $23 per square foot. The strategic location near Port Newark/Elizabeth and the New Jersey Turnpike, combined with functional warehouse space and ample parking, made it an attractive choice for Eastern Coach Co.'s bus and coach business.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not specified
  • Date: 05/17/2023
  • Address: 601 Lehigh Avenue
  • Market: Union

The landlord's representatives for this lease deal were Jordan Metz, Eric Koons, and Benito Abbate from Bussel Realty Corp. They facilitated the negotiation and finalization of the lease agreement on behalf of 601 Lehigh Avenue LLC. The tenant, Eastern Coach Co., was represented by Lee & Associates.

Players

Jordan Metz

Bussel Realty

Broker

$140.7M

vol

39 deals

Broker

New Jersey 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

689695.65%

Cash-on-Cash

-197117.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93