Private Investor Acquires Office Building From Mountain Development Corp. In Clark Sale
SOLD
$10,500,000
New Jersey
See Similar DealsOffice76,000 SF
SOLD
Private Investor Acquires Office Building From Mountain Development Corp. In Clark Sale
67 Walnut Ave, Clark, NJ, 07066
See Similar DealsOffice76,000 SF
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$138
Total Square Footage:76,000 SF
Transaction Type:Sale
The office building located at 67 Walnut Ave in Clark, NJ, was sold for $10.5 million. The property consists of a 76,000-square-foot, five-story structure and was 97 percent occupied at the time of the sale.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $10,500,000.00
- Market: Clark
- Seller's Representative: Rick Lechtman (Marcus & Millichap)
- Buyer: Private Investor
- Seller: Mountain Development Corp. (MDC)
- SF: 76,000
The seller in this transaction was a joint venture between Mountain Development Corp. and Bukiet Building and Management Co. The buyer was represented by a private investor. The seller's representatives from Marcus & Millichap were Fahri Ozturk, Ben Sgambati, and Alan Cafiero, in addition to Rick Lechtman.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$559,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$37,304.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,775.36
Annual Debt Service$597,304.28
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