Updated Nov 28, 2024
PGIM Real Estate Acquires Industrial Property In Phillipsburg For $275M
942 Memorial Parkway, Phillipsburg, NJ 08865
$275,000,000
$125/SF
Building Size
2,200,000 SF
Asset Type
Industrial
Closing
Nov 11, 2020
About this deal
AI
The industrial property located at 942 Memorial Parkway in Phillipsburg has been sold for a price of $275,000,000. The asset spans across 2,200,000 square feet, resulting in a price per square foot of $125. The sale took place on November 12, 2020.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $275,000,000
- Square Footage: 2,200,000
- Price Per Square Foot: $125
- Address: 942 Memorial Parkway, Phillipsburg
- Market: Phillipsburg
The seller of the property was Bridge Development Partners, while the buyer was PGIM Real Estate. The deal was facilitated by Brian Fiumara of CBRE National Partners.
On the Map
$275,000,000
$125/SF
Industrial
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Players
Phillipsburg Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93