AVG Partners Acquires Office Property In Bridgewater, NJ For $260.6M
SOLD
$260,600,000
+ 6
New Jersey
See Similar DealsOffice675,000 SF
Sold 01/25/2022
SOLD
AVG Partners Acquires Office Property In Bridgewater, NJ For $260.6M
55 Corporate Drive, Bridgewater, NJ 08807
See Similar DealsOffice675,000 SF
Sold 01/25/2022
+ 6
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$386
Total Square Footage:675,000 SF
Transaction Type:Sale
The office property located at 55 Corporate Drive in Bridgewater, NJ has been sold in a transaction. The property spans approximately 150 acres and is categorized as an office asset. The sale took place on 01/25/2022.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $260,600,000
- Square Footage: 675,000
- Price per Square Foot: $386
- Address: 55 Corporate Drive, Bridgewater, NJ
- Market: Bridgewater, NJ
The buyer of the property is AVG Partners, and the seller is American Finance Trust. The transaction was facilitated by a team of brokers from CBRE including Jeremy Neuer, Jeffrey Dunne, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer, Zach McHale, and Michael Monahan.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$13,898,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$925,856.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,235,376.95
Annual Debt Service$14,824,523.42
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