Updated Dec 4, 2024
Ravine Development Co. LLC Sells 154777 Square Foot Office In Hanover Township Through JLL
10 Park Avenue
Building Size
154,777 SF
Asset Type
Office
Closing
Oct 18, 2024
About this deal
AI
A 154,777-square-foot Class A office building located at 10 Park Avenue in Hanover Township has been sold in an off-market transaction. The property encompasses 8.69 acres and was previously occupied by MetLife Investment Management. It is strategically situated near New Jersey State Route 24 and I-287.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Square Footage: 154,777
- Address: 10 Park Avenue
- Market: Hanover Township
- Seller: Ravine Development Co. LLC
- Broker: Charlie Dillon, Daniel Loughlin, Jeremy Neuer, Jose Cruz, Pranav Patel, Robert Ryan & Ryan Robertson - JLL
The transaction was facilitated by JLL Capital Markets representing the seller, Ravine Development Co. LLC. The brokers involved played a significant role in the successful completion of this transaction.
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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