Thor Equities Acquires Industrial Property On Getty Avenue In Paterson, NJ For $65.5M
SOLD
$65,500,000
New Jersey
See Similar DealsIndustrial764,364 SF
Sold 03/09/2023
SOLD
Thor Equities Acquires Industrial Property On Getty Avenue In Paterson, NJ For $65.5M
217-297 Getty Avenue
See Similar DealsIndustrial764,364 SF
Sold 03/09/2023
Summary
NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$85
Total Square Footage:764,364 SF
Transaction Type:Sale
The industrial property located at 217-297 Getty Avenue in Paterson, NJ has been sold for $65,500,000. The property spans 764,364 square feet, resulting in a price per square foot of $86. The sale was facilitated by Niko Berdzeni of esen Partners.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $65,500,000
- Square Footage: 764,364
- Price per Square Foot: $86
- Address: 217-297 Getty Avenue, Paterson, NJ
- Market: Paterson, NJ
The buyer of the property is Thor Equities represented by Joseph Sitt and Jack Sitt. The seller is Alma Realty, with Steve Valiotis as the representative. Niko Berdzeni of esen Partners acted as the broker in the transaction.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,493,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$232,707.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$310,503.42
Annual Debt Service$3,726,041.00
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