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
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