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70 Maltese Drive

Wise Foods Leases 61,000 Square Feet Industrial Space At 70 Maltese Drive In Totowa NJ
LEASEDIndustrial

Wise Foods Leases 61,000 Square Feet Industrial Space At 70 Maltese Drive In Totowa NJ

70 Maltese Drive

Building Size

61,000 SF

Asset Type

Industrial

Closing

Dec 3, 2024

AI

The property asset involved in the transaction is located at 70 Maltese Drive, Totowa, NJ. It is an industrial asset with a total square footage of 61,000. The lease arrangement marks Wise Foods' relocation and expansion from Bergen County.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not specified
  • Address: 70 Maltese Drive
  • Market: Totowa
  • Landlord: Dwight Y. Angelini - Longpoint
  • Tenant: Wise Foods
  • Landlord's Representative: Cushman & Wakefield
  • Tenant's Representatives: Andrew Stypa, Daniel Badenhausen & Kyle Janoczkin - Lee & Associates

The transaction involved key representatives from both sides. Lee & Associates facilitated the lease, with Andrew Stypa, Daniel Badenhausen, and Kyle Janoczkin representing Wise Foods in the deal. On the other side, the landlord, Longpoint, was represented by Cushman & Wakefield.

Players

Kyle Janoczkin

Lee & Associates

Broker

2 deals

Broker

Totowa 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