Updated Sep 1, 2025
Ares Industrial Real Estate Trust Acquires Industrial Property In Wayne For $138.5M
20-30 &25 Continental Drive Wayne, NJ 07470
$138,500,000
$248/SF
Building Size
557,000 SF
Asset Type
Industrial
Closing
Aug 16, 2022
About this deal
AI
The industrial property located at 20-30 & 25 Continental Drive in Wayne has been sold in a closed transaction. The property spans a total area of 557,000 square feet and is situated in the Wayne market. The sale took place on 08/17/2022 with a sale price of $138,500,000, resulting in a price per square foot of $249.
Summary of Transaction Details
- Property Type: Industrial
- Transaction Amount: $138,500,000
- Address: 20-30 & 25 Continental Drive, Wayne
- Market: Wayne
- Square Footage: 557,000
Ares Industrial Real Estate Income Trust, represented by Michael Arougheti, served as the buyer in this transaction. Michael Arougheti played a pivotal role in the deal, facilitating the acquisition on behalf of Ares Industrial Real Estate Income Trust.
Players
Wayne Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93