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Hsu Property Holdings Acquires Industrial Property From Mack Boring & Parts For $13.87M

Property Image
SOLD
$13,865,000
Gregory Irving
Steve Jaynes

New Jersey

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Industrial55,000 SF
Sold 02/26/2025
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Property Image
SOLD

Hsu Property Holdings Acquires Industrial Property From Mack Boring & Parts For $13.87M

400 Cottontail Lane

See Similar Deals
Industrial55,000 SF
Sold 02/26/2025
Gregory Irving
Steve Jaynes
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$252
Total Square Footage:55,000 SF
Transaction Type:Sale

A 55,000 square foot industrial property located at 400 Cottontail Lane in Somerset was sold for $13,865,000. This asset is now owned by Hsu Property Holdings, which acquired it to bolster its marine, industrial, and military operations.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $13,865,000
  • Address: 400 Cottontail Lane
  • Market: Somerset
  • Square Footage: 55,000
  • Price per Square Foot: $252
  • Buyer: Hsu Property Holdings
  • Seller: Patrick McGovern - Mack Boring & Parts
  • Buyer's Representative: Gregory Irving & Steve Jaynes - Bussel Realty
  • Seller's Representative: CBRE

Mack Boring & Parts was the former owner of the industrial property. Bussel Realty Corp. represented the buyer, while CBRE acted as the advisor for the seller in this transaction.

Players

Steve Jaynes
Bussel Realty
Steve Jaynes
8 deals$18.5M volume
BROKER
Gregory Irving
Bussel Realty
Gregory Irving
7 deals$38.1M volume
BROKER
CBRE
CBRE
BROKERAGE

Details

SOLD
IMAGE: Patrick McGovern, Gregory Irving & Steve Jayne DATE: 02/26/2025 ADDRESS: 400 Cottontail Lane MARKET: Somerset ASSET TYPE: Industrial BUYER: Hsu Property Holdings SELLER: Patrick McGovern - Mack Boring & Parts (@MackBoring) BUYER'S REP: Gregory Irving & Steve Jaynes - Bussel Realty (@BusselRealty) SELLER'S REP: CBRE (@CBRE) SALE PRICE: $13,865,000 SF: 55,000 ~ PPSF: $252 NOTE: Mack Boring & Parts acquired a 55,000 SF industrial property at 400 Cottontail Lane, Franklin (Somerset), for $13.865M to support its marine, industrial, and military business. Bussel Realty Corp. represented the seller, Hsu Property Holdings, while CBRE advised the buyer.

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

$739,466.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$49,259.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$65,727.17
Annual Debt Service$788,726.08