Summit Medical Group Leases Office Space In New Providence
41 Spring Street, New Providence, New Jersey 07974, United States
Building Size
15,308 SF
Asset Type
Office
Closing
Jun 26, 2022
AI
The office building located at 41 Spring St in New Providence has recently been leased. The transaction was completed on 06/27/2022. The leased space spans a total of 15,308 square feet.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Lease
- Address: 41 Spring St
- Market: New Providence
The landlord for this property is Ariel Brenner VP Leasing from Shelbourne Global, while the tenant is Summit Medical Group. The leasing process was facilitated by Geoffrey Schubert from CBRE and Marc Rosenberg from Cushman & Wakefield.
The asking rent for the leased space was $23.50 per square foot.
Players
New Providence 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