Updated Oct 28, 2024
Progress Realty Partners Acquires Industrial Property In Whippany, NJ For $5.5M Loan
60 South Jefferson Road, Whippany, NJ, USA
$5,500,000
$147/SF
Building Size
37,209 SF
Asset Type
Industrial
Closing
Sep 28, 2021
About this deal
AI
The industrial property located at 60 South Jefferson Blvd. in Whippany, NJ has been acquired through a loan transaction. The property spans approximately 37,209 square feet and falls under the asset type of Industrial.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $5,500,000
- Lender: Columbia Bank
- Landlord: Adam Dickert & Dan Salonis - Progress Realty Partners
- Broker: Kathy Anderson - Progress Capital
The loan was facilitated by Columbia Bank for the acquisition of the property. The landlord representatives, Adam Dickert and Dan Salonis from Progress Realty Partners, played a crucial role in the deal. Kathy Anderson, representing Progress Capital, acted as the broker in this transaction.
On the Map
$5,500,000
$147/SF
Industrial
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Players
Whippany Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93