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EverWest Real Estate Investors Acquires Industrial Property In Franklin Township, Somerset NJ For $27.7M

Property Image
SOLD
$27,673,800
Stephen Feinberg
John Buckley
Joel Lubin
+ 1

New Jersey

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Industrial125,790 SF
Sold 10/26/2021
the dealplayerscompscontact
Property Image
SOLD

EverWest Real Estate Investors Acquires Industrial Property In Franklin Township, Somerset NJ For $27.7M

650 Randolph Road, Somerset, NJ 08873

See Similar Deals
Industrial125,790 SF
Sold 10/26/2021
Stephen Feinberg
John Buckley
Joel Lubin
+ 1
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Industrial
Price Per Square Foot:$220
Total Square Footage:125,790 SF
Transaction Type:Sale

An industrial property located at 650 Randolph Road in Franklin Township, Somerset NJ has been sold. The property spans 125,790 square feet and was sold for a total price of $27,673,800, resulting in a price per square foot of $220. The sale was completed on October 26, 2021.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $27,673,800
  • Address: 650 Randolph Road, Franklin Township, Somerset NJ
  • Market: Franklin Township, Somerset NJ

The buyer of the property is EverWest Real Estate Investors, represented by Steve Feinberg. The seller in this transaction is Citgen Realty. The deal was facilitated by brokers Joel Lubin, John Buckley, and Gary Politi from JLL.

Players

Joel Lubin
JLL
Joel Lubin
3 deals$55.4M volume
BROKER
John Buckley
JLL
John Buckley
2 deals$55.4M volume
BROKER
Gary Politi
JLL
Gary Politi
7 deals$55.4M volume
BROKER
Stephen Feinberg
EverWest Real Estate Investors
Stephen Feinberg
6 deals$255.7M volume
BUYER

Details

SOLD
IMAGE: Joel Lubin, Steve Feinberg, Gary Politi & John Buckley DATE: 10/26/2021 ADDRESS: 650 Randolph Road MARKET: Franklin Township, Somerset NJ ASSET TYPE: Industrial BUYER: EverWest Real Estate Investors - Steve Feinberg SELLER: Citgen Realty BROKERS: Joel Lubin, John Buckley & Gary Politi - JLL SALE PRICE: $27,673,800 SF: 125,790 ~ PPSF: $220

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

$1,475,935.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$98,319.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$131,187.93
Annual Debt Service$1,574,255.17