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

Property Image
SOLD
$2,232,000
Ryan Morris
Bryan Huber
Caillin Boles

New Jersey

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Industrial609,840 SF
Sold 07/30/2020
the dealplayerscompscontact
Property Image
SOLD

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

272 Ridgedale Avenue, East Hanover, NJ 07936, USA

See Similar Deals
Industrial609,840 SF
Sold 07/30/2020
Ryan Morris
Bryan Huber
Caillin Boles
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$3
Total Square Footage:609,840 SF
Transaction Type:Sale

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.

Players

Caillin Boles
Cushman & Wakefield
Caillin Boles
44 deals$520.3M volume(732) 720-6308
BROKER
Bryan Huber
SAB Capital
Bryan Huber
3 deals$46.2M volume
BROKER
Ryan Morris
Ryan Morris
3 deals$17.3M volume
BROKER
Progress Capital
Progress Capital
BROKERAGE
CI
Commerce Park Investors
BUYER
Lakeland Bank
Lakeland Bank
LENDER

Details

SOLD
IMAGE: Bryan Huber & Ryan Morris DATE: 07/30/2021 ADDRESS: 272 Ridgedale Ave MARKET: East Hanover, NJ ASSET TYPE: Industrial BUYER: Commerce Park Investors SELLER: Control Products BROKER: Bryan Huber & Ryan Morris - (@SabCapital) ASKING PRICE: $2,302,000 SALE PRICE: $2,232,000 SF: 30,000 ~ PPSF: $74 NOTE: SAB Capital executes sale/leaseback for Control Product's (“CP”) East Hanover facility. CP manufactures waterproof and thermal switches engineered for reliability in the harshest environments. The property sale was structured alongside a third-generation family's sale of the business to a multinational industrial electronics conglomerate. The buyer was supported by Caillin Boles of Progress Capital to finance the acquisition.

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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$7,929.82
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