The Birch Group NY Acquires Office In Parsippany For $12.75M
SOLD
$12,750,000
New Jersey
See Similar DealsOffice154,820 SF
Sold 11/24/2020
SOLD
The Birch Group NY Acquires Office In Parsippany For $12.75M
7 Campus Drive, Parsippany, Parsippany-Troy Hills, NJ, USA
See Similar DealsOffice154,820 SF
Sold 11/24/2020
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$82
Total Square Footage:154,820 SF
Transaction Type:Sale
An office building located at 7 Campus Drive in Parsippany has been sold for $12,750,000. The property spans 154,820 square feet, which translates to a price per square foot of $82. The transaction took place on November 24, 2020.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $12,750,000
- Address: 7 Campus Drive, Parsippany
- Market: Parsippany
- Seller: Ricardo Cardoso & MaryAnne Gilmartin - Mack-Cali Realty Corporation
- Buyer: Birch Group NY
- Square Footage: 154,820
- Price per Square Foot: $82
Ricardo Cardoso & MaryAnne Gilmartin, representing Mack-Cali Realty Corporation, acted as the sellers in this transaction. The buyers were Birch Group NY. The deal marked a significant milestone in the Parsippany real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$679,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$45,298.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$60,441.50
Annual Debt Service$725,298.06
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