Longpoint Realty Partners Acquires Woodbridge Office Building For $61M
SOLD
$61,000,000
New Jersey
See Similar DealsOffice203,335 SF
Sold 12/04/2020
SOLD
Longpoint Realty Partners Acquires Woodbridge Office Building For $61M
581 Main Street, Woodbridge Township, NJ, USA
See Similar DealsOffice203,335 SF
Sold 12/04/2020
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$300
Total Square Footage:203,335 SF
Transaction Type:Sale
581 Main Street in Woodbridge, an office property, was sold for $61,000,000 on 12/04/2020. The property spans 203,335 square feet, resulting in a price per square foot of $300.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $61,000,000
- Address: 581 Main Street, Woodbridge
- Market: Woodbridge
The buyer, 581 Main Street LLC, acquired the property from Mack-Cali Realty Corp., represented by MaryAnne Gilmartin & Ricardo Cardoso. Longpoint Realty Partners acted as the buyer's representative, while Cushman & Wakefield represented the seller in the transaction.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,253,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$216,720.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$289,171.12
Annual Debt Service$3,470,053.45
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