Updated Oct 29, 2024
Private Investor Acquires Office Building From Mountain Development Corp. In Clark Sale
67 Walnut Ave, Clark, NJ, 07066
$10,500,000
$138/SF
Building Size
76,000 SF
Asset Type
Office
Closing
Nov 22, 2023
About this deal
AI
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.
On the Map
$10,500,000
$138/SF
Office
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Clark Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.51%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93