The Birch Group Acquires Office Buildings In Morristown, NJ For $77M
SOLD
$77,000,000
+ 1
New Jersey
See Similar DealsOffice412,000 SF
Sold 03/12/2021
SOLD
The Birch Group Acquires Office Buildings In Morristown, NJ For $77M
60 Columbia Rd, Morristown, NJ, USA
See Similar DealsOffice412,000 SF
Sold 03/12/2021
+ 1
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$186
Total Square Footage:412,000 SF
Transaction Type:Sale
The office property located at 60 Columbia Rd, 100 Southgate, and 1200 Mt Kemble in Morristown, NJ was recently sold for a total of $77,000,000. The property spans 412,000 square feet, resulting in a price per square foot of $187. The transaction took place on 03/12/2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $77,000,000
- Address: 60 Columbia Rd, 100 Southgate, 1200 Mt Kemble
- Market: Morristown, NJ
- Buyer: The Birch Group - Mark Meisner
- Seller: Lincoln Equities - Joel Bergstein
- Brokers: David Bernhaut & Andy Merin - Cushman & Wakefield
The buyer, Mark Meisner, represented The Birch Group in the transaction, while Joel Bergstein, representing Lincoln Equities, acted as the seller. The deal was facilitated by brokers David Bernhaut and Andy Merin from Cushman & Wakefield.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,106,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$273,564.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$365,019.28
Annual Debt Service$4,380,231.40
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