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
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