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33 Union Place

Hilltop Tutoring Center Leases 5,000 SF Office In Summit With Brokers Michael Marchese & Shane Wierks
LEASEDOffice

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:

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

Shane Wierks

Jeffery Realty

Broker

$16.4M

vol

8 deals

Broker

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