Hilltop Tutoring Center Leases 5,000 SF Office In Summit With Brokers Michael Marchese & Shane Wierks
33 Union Place
Building Size
5,000 SF
Asset Type
Office
Closing
Mar 15, 2024
AI
Located at 33 Union Place in downtown Summit, Hilltop Tutoring Center has leased a 5,000-square-foot office space. The property sits conveniently near NJ Transit’s Summit station and various shops and eateries.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not provided
- Tenant: Hilltop Tutoring Center
- Tenant's Representative: Michael Marchese - Chilmark Real Estate Services
- Landlord's Representative: Shane Wierks - Jeffery Realty
- Address: 33 Union Place
- Market: Summit
The lease deal at 33 Union Place was facilitated by Michael Marchese representing the tenant, Hilltop Tutoring Center, and Shane Wierks representing the landlord. This transaction strategically situates the center in a bustling area with convenient transportation access.
Players
Summit Office Market Snapshot
Boundary boundary · 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