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1100 Route 22 North Plainfi...

Shanghai Optics Acquires North Plainfield Office Building For $1.43M
SOLDOffice

Shanghai Optics Acquires North Plainfield Office Building For $1.43M

1100 Route 22 North Plainfield, New Jersey 07060, Usa

$1,430,000

$113/SF

Building Size

12,605 SF

Asset Type

Office

Closing

Jun 13, 2023

AI

Sheldon Gross Realty recently sold an office building in North Plainfield to Shanghai Optics for $1.43 million. The property, located at 1100 Route 22, is an office asset with a total square footage of 12,605. The sale price per square foot was $113. The transaction took place on June 13, 2023.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $1,430,000
  • Address: 1100 Route 22
  • Market: North Plainfield
  • Buyer: Shanghai Optics
  • Buyer's Representative: Coldwell Banker Realty
  • Seller's Representative: Jonathan Glick & Matthew Leonelli - Sheldon Gross Realty
  • Square Footage: 12,605
  • Price Per Square Foot: $113

The North Plainfield office building was an ideal fit for Shanghai Optics, meeting their specific needs and offering convenient access to highways and metropolitan areas.

Players

Matthew Leonelli

Broker

$11.7M

vol

12 deals

Broker

New Jersey 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

11.09%

Cash-on-Cash

-3.17%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93