Hines Acquires Industrial Property In Newark For $127.5M
SOLD
$128,000,000
+ 3
New Jersey
See Similar DealsIndustrial714,936 SF
Sold 12/22/2022
SOLD
Hines Acquires Industrial Property In Newark For $127.5M
397-447 Ferry Street
See Similar DealsIndustrial714,936 SF
Sold 12/22/2022
+ 3
Summary
NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$179
Total Square Footage:714,936 SF
Transaction Type:Sale
Hines has acquired an industrial property located at 397-447 Ferry Street in Newark. The property spans 738,000 square feet and was sold by Turnbridge for a total price of $127,500,000, resulting in a price per square foot of $172.8.
Summary of transaction details
- Property Type: Industrial
- Sale Price: $127,500,000
- Square Feet: 738,000
- Price Per Square Foot: $172.8
- Address: 397-447 Ferry Street, Newark
The deal was brokered by JLL, with Jose Cruz, Marc Duval, Jordan Avanzato, Tyler Peck, Andrew Scandalios, and Nick Stefans representing both the buyer, Hines, and the seller, Turnbridge. Joseph Lembo from JLL served as the analyst in the transaction.
Players
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SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,826,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$454,756.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$606,785.30
Annual Debt Service$7,281,423.63
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