KTB Financial Group & Jeff Sutton Acquire Office Building In Weehawken, NJ For $219M
SOLD
$219,000,000
New Jersey
See Similar DealsOffice617,187 SF
Sold
SOLD
KTB Financial Group & Jeff Sutton Acquire Office Building In Weehawken, NJ For $219M
1000 Harbor Boulevard
See Similar DealsOffice617,187 SF
Sold
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$354
Total Square Footage:617187 SF
Transaction Type:Sale
Located at 1000 Harbor Blvd. in Weehawken, NJ, an office property has been sold for a total of $219,000,000. The property spans a total of 617,187 square feet, resulting in a price per square foot of $354. The sale was finalized on December 2, 2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $219,000,000
- Address: 1000 Harbor Blvd., Weehawken, NJ
- Market: Weehawken, NJ
The buyers of the property were KTB Financial Group and Jeff Sutton. Assisting them in the transaction were brokers Aziz Kabbaj and Robert Chattah from Reshape. Reshape played a consultative role, representing Wharton Properties and KTB in structuring the programmatic joint venture.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$11,680,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$778,060.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,038,171.73
Annual Debt Service$12,458,060.74
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