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2291 New Jersey Highway 33

DMI Acquires 9,772 SF Office Building In Hamilton Square For $2.3M
SOLDOffice

DMI Acquires 9,772 SF Office Building In Hamilton Square For $2.3M

2291 New Jersey Highway 33

$2,300,000

$235/SF

Building Size

9,772 SF

Asset Type

Office

Closing

Jan 5, 2024

AI

A 9,772-square-foot office building located at 2291 New Jersey Highway 33 in Hamilton Square has been sold for $2.3 million. The property is situated in a prime location in the Hamilton Square market.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: $2,300,000
  • Square Footage: 9,772
  • Price per Square Foot: $235
  • Buyer: DMI
  • Brokers: Jerry Fennelly - Fennelly Associates; Keyser

The buyer, DMI, is the longest-running cooperative warehouse group in the U.S. They sought the office space to complement their recently leased 845,078-square-foot warehouse in Trenton, allowing for efficient cross-docking and storage capabilities. This acquisition will support DMI's significant company growth.

Players

Jerry Fennelly

Fennelly Associates

Broker

$91.6M

vol

22 deals

Broker

Trenton 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

6.90%

Cash-on-Cash

-1.97%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93