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1811 Springfield Ave, New P...

See Clear Associates LLC Acquires 8064 SF Property In New Providence With Broker Andrew Kirshenbaum
SOLDMedical Office

See Clear Associates LLC Acquires 8064 SF Property In New Providence With Broker Andrew Kirshenbaum

1811 Springfield Ave, New Providence...

Building Size

8,064 SF

Asset Type

Medical Office

Closing

Nov 19, 2023

AI

A medical office building located at 1811 Springfield Ave, New Providence, has been acquired in a transaction involving a total area of 8,064 square feet. This two-story building was purchased by See Clear Associates LLC from Bussel Realty Corp. The acquisition is part of the optometry practice's expansion in the Summit area.

Summary of transaction details:

  • Property Type: Medical Office Building
  • Transaction Amount: Undisclosed
  • Address: 1811 Springfield Ave, New Providence
  • Market: New Providence
  • Buyer: See Clear Associates LLC
  • Seller: Bussel Realty Corp.
  • Buyer's Representative: Andrew Kirshenbaum - NAI James E. Hanson

Andrew Kirshenbaum from NAI James E. Hanson represented See Clear Associates LLC in this transaction. The firm highlighted the building's convenient location near major highways and noted that the healthcare market continues to see demand from smaller independent practitioners. See Clear Associates plans to occupy the entire first floor of the building while leasing the second floor to other medical tenants.

Players

Andrew Kirshenbaum

Newmark

Broker

4 deals

Broker
CL
Clear Associates LLCBuyer

New Providence Medical Office Market Snapshot

Boundary boundary · Medical Office · Sale 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