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
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.
Players
Morristown Office Market Snapshot
Boundary boundary · Office · Sale 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