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GLP Capital Partners LLC Acquires Industrial Property In Monroe Township For $53.75M

Property Image
SOLD
$53,750,000
Brian Fiumara
AY
David Gilbert

New Jersey

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Industrial203,000 SF
Sold 09/11/2023
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Property Image
SOLD

GLP Capital Partners LLC Acquires Industrial Property In Monroe Township For $53.75M

34 Engelhard Dr Monroe Township, NJ 08831, USA

See Similar Deals
Industrial203,000 SF
Sold 09/11/2023
Brian Fiumara
AY
David Gilbert
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$264
Total Square Footage:203,000 SF
Transaction Type:Sale

A 203,000-square-foot industrial property located at 34 Engelhard Drive in Monroe Township has been sold for $53.75 million. The property, situated on 12 acres of land, was acquired by GLP Capital Partners LLC from Clarion Partners. This transaction highlights the strong demand for well-located warehouse and distribution facilities in New Jersey's industrial market.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $53,750,000
  • Address: 34 Engelhard Drive, Monroe Township
  • Market: Monroe Township
  • Acres: 12

The buyer, GLP Capital Partners LLC, represented by Alan Yang, made the purchase from the seller, Clarion Partners, represented by David Gilbert. Brian Fiumara from CBRE acted as the broker for this deal. The sale price of $53.75 million corresponds to a price per square foot of $265. This transaction further demonstrates the strong demand for industrial properties in New Jersey's market.

Players

Brian Fiumara
CBRE
Brian Fiumara
23 deals$1.6B volume(610) 580-8672
BROKER
AY
GLP Capital Partners
Alan Yang
9 deals$801.2M volume
BUYER
David Gilbert
Clarion Partners
David Gilbert
28 deals$1.9B volume
SELLER
Clarion Partners
Clarion Partners
LENDER

Details

SOLD
IMAGE: Alan Yang, David Gilbert & Brian Fiumara DATE: 09/11/2023 ADDRESS: 34 Engelhard Drive MARKET: Monroe Township ASSET TYPE: Industrial ~ ACRES: 12 BUYER: GLP Capital Partners LLC - Alan Yang SELLER: Clarion Partners - David Gilbert BROKERS: Brian Fiumara - CBRE (@CBRE) SALE PRICE: $53,750,000 SF: 203,000 ~ PPSF: $265 NOTE: CBRE has finalized the $53.75 million sale of a 203,000-square-foot industrial property at 34 Engelhard Drive in Monroe Township. GLP Capital Partners LLC acquired the property from Clarion Partners, highlighting the robust demand for well-located warehouse/distribution facilities in New Jersey's industrial market.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,866,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$190,962.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$254,802.42
Annual Debt Service$3,057,629.06