Northeast Capital Group Acquires Office Building In Iselin, NJ For $88M
SOLD
$88,000,000
+ 3
New Jersey
See Similar DealsOffice629,189 SF
Sold 05/24/2020
SOLD
Northeast Capital Group Acquires Office Building In Iselin, NJ For $88M
485 U.S. 1, Iselin, New Jersey, USA
See Similar DealsOffice629,189 SF
Sold 05/24/2020
+ 3
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$139
Total Square Footage:629,189 SF
Transaction Type:Sale
485 US-1 Building B, located in Iselin, NJ, has been sold in a closed transaction. The property is an office space with a total area of 629,189 square feet. The transaction took place on 05/24/2021 and involved Northeast Capital Group as the buyer and KBS, represented by Marc DeLuca and Stephen Close, as the seller. The sale price for the property was $88,000,000, resulting in a price per square foot of $140.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $88,000,000
- Address: 485 US-1 Building B, Iselin, NJ
- Market: Iselin, NJ
The brokerage team involved in this transaction included Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt, and Jamie Drummond, all representing Newmark. They played a crucial role in facilitating the deal between the buyer and the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$312,645.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$417,164.90
Annual Debt Service$5,005,978.75
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