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Pine Street Commons LLC Sells 17-acre Mixed-use Complex In Rockaway For $12.75M
SOLD
$12,750,000
New Jersey
See Similar DealsMixed-use
Sold 04/07/2025
SOLD
Pine Street Commons LLC Sells 17-acre Mixed-use Complex In Rockaway For $12.75M
31 Pine Street
See Similar DealsMixed-use
Sold 04/07/2025
Summary
NEW JERSEY
Asset Type:Mixed-use
Transaction Type:Sale
A private investor acquired a mixed-use property located at 31 Pine Street in Rockaway, NJ. The asset spans 17 acres and includes flex industrial and office space, and it is reported to be 95% leased. The transaction was executed for a total price of $12,750,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $12,750,000
- Address: 31 Pine Street
- Market: Rockaway
- Acres: 17
- Seller: Pine Street Commons LLC
- Brokers: Charles Berger & Jeffrey Babikian - CBRE
The deal was facilitated by Charles Berger and Jeffrey Babikian from CBRE, who represented Pine Street Commons LLC and sourced the buyer. The transaction was completed despite challenges present in the capital markets environment.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$679,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$45,298.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$60,441.50
Annual Debt Service$725,298.06
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