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3219 US Highway 46, Parsipp...

North Jersey Dermatology Center Leases Medical Office In Parsippany Commons, Stephen Graziano Represents Landlord
LEASEDMedical Office

North Jersey Dermatology Center Leases Medical Office In Parsippany Commons, Stephen Graziano Represents Landlord

3219 US Highway 46, Parsippany, NJ...

Building Size

1,343 SF

Asset Type

Medical Office

Closing

Nov 22, 2023

AI

The medical office space involved in the transaction is a 1,343-square-foot property located at 3219 US Highway 46 in Parsippany, New Jersey. This space is within Parsippany Commons, a three-story, 54,000-square-foot office building situated approximately 35 miles west of New York City.

Summary of transaction details:

  • Property Type: Medical Office
  • Transaction Amount: Not provided
  • Address: 3219 US Highway 46, Parsippany, NJ
  • Market: Parsippany
  • Landlord's Rep: Stephen Graziano (Colliers International)
  • Landlord: Larken Associates
  • Square Feet: 1343

North Jersey Dermatology Center (NJDC) signed the lease for this medical office space, marking its fourth office location in addition to offices in Rockaway, Clifton, and Newfoundland. NJDC collaborated with Core Enterprises and Cerminara Architects for the design and construction of the new office space. In the lease negotiations, Stephen Graziano of Colliers International represented the landlord, Larken Associates.

Players

Stephen Graziano

Colliers

Broker

2 deals

Broker
LA
Larken AssociatesLandlord

Parsippany Medical Office Market Snapshot

Boundary boundary · Medical Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93