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272 Ridgedale Avenue, East ...

Updated Oct 28, 2024

Commerce Park Investors Acquires Industrial Property In East Hanover, NJ For $2.2M
SOLDIndustrial

Commerce Park Investors Acquires Industrial Property In East Hanover, NJ For $2.2M

272 Ridgedale Avenue, East Hanover, NJ 07936, USA

$2,232,000

$3/SF

Building Size

609,840 SF

Asset Type

Industrial

Closing

Jul 30, 2020

About this deal

AI

The sale of a 30,000 square foot industrial property located at 272 Ridgedale Ave in East Hanover, NJ has been completed. The property was sold by Control Products to Commerce Park Investors for a sale price of $2,232,000. Control Products manufactures waterproof and thermal switches designed for reliable performance in challenging environments.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $2,232,000
  • Address: 272 Ridgedale Ave, East Hanover, NJ
  • Market: East Hanover, NJ
  • Buyer: Commerce Park Investors
  • Seller: Control Products

The sale of the property was part of a larger transaction involving the sale of Control Product's business to a multinational industrial electronics conglomerate. The deal was executed with the assistance of Caillin Boles from Progress Capital, who provided financing for the acquisition.

On the Map

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$2,232,000

$3/SF

Industrial

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Players

Caillin Boles

Cushman & Wakefield

Broker

$535M

vol

45 deals

Broker
Progress Capital
Progress CapitalBrokerage
Lakeland Bank
Lakeland BankLender

East Hanover Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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About $3 per square foot on a published $2.2M for 609,840 square feet (2020).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

7.11%

Cash-on-Cash

-2.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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