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45 Springfield Avenue, Spri...

Atlantic Federal Credit Union Inc. Acquires Office Building In Springfield For $3.35M
SOLDOffice

Atlantic Federal Credit Union Inc. Acquires Office Building In Springfield For $3.35M

45 Springfield Avenue, Springfield, NJ, USA

$3,350,000

$167/SF

Building Size

20,000 SF

Asset Type

Office

Closing

Feb 9, 2021

AI

Atlantic Federal Credit Union Inc. has purchased an office property located at 45 Springfield Ave in Springfield. The transaction took place on February 10, 2021, with a sale price of $3,350,000. The office building spans approximately 20,000 square feet, resulting in a price per square foot of $168. The property is located in the Springfield market.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $3,350,000
  • Address: 45 Springfield Ave, Springfield
  • Market: Springfield
  • Buyer: Atlantic Federal Credit Union Inc.
  • Brokers: Sean Brady & Joseph Harkins - Cushman & Wakefield
  • Square Footage: 20,000
  • Price per Square Foot: $168

The deal was facilitated by brokers Sean Brady and Joseph Harkins from Cushman & Wakefield. They represented Atlantic Federal Credit Union Inc. in the transaction.

Players

Joseph Harkins

Cushman & Wakefield

Broker

$3.4M

vol

1 deal

Broker

Springfield 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

4.74%

Cash-on-Cash

-1.35%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93