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Thor Equities Acquires Office Property In Warren, New Jersey For $27.1M

Property Image
SOLD
$27,100,000
Steven Schultz
Jason Emrani
Kevin Welsh
+ 2

New Jersey

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Office180,000 SF
Sold 10/14/2020
the dealplayerscompscontact
Property Image
SOLD

Thor Equities Acquires Office Property In Warren, New Jersey For $27.1M

7 Powder Horn Dr, Warren, NJ 07059, USA

See Similar Deals
Office180,000 SF
Sold 10/14/2020
Steven Schultz
Jason Emrani
Kevin Welsh
+ 2
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Office
Price Per Square Foot:$150
Total Square Footage:180,000 SF
Transaction Type:Sale

The office property located at 7 Powder Horn Drive in Warren, New Jersey has been sold in a closed transaction. The property spans approximately 180,000 square feet and was sold for a total price of $27,100,000, resulting in a price per square foot of $117. The transaction took place on October 14, 2020.

Summary of transaction details

The purchase was made by Thor Equities, while Ivy Realty sold the property. The deal was facilitated by brokers Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz, and Dan Reider from NewmarkKF.

Players

Brian Schulz
Newmark
Brian Schulz
15 deals$1B volume(201) 528-0844
BROKER
Kevin Welsh
Newmark
Kevin Welsh
21 deals$1.1B volume(201) 528-0862
BROKER
Steven Schultz
Newmark
Steven Schultz
9 deals$410.5M volume
BROKER
Dan Reider
Newmark
Dan Reider
14 deals$146.1M volume(201) 460-5155
BROKER
Jason Emrani
Newmark
Jason Emrani
7 deals$278.1M volume
BROKER
Ivy Realty
Ivy Realty
BROKERAGE
Thor Equities
Thor Equities
BUYER
Ivy Realty
Ivy Realty
SELLER

Details

SOLD
IMAGE: IMAGE: Joseph Sitt & Jack Sitt DATE: 10/14/2020 ADDRESS: 7 Powder Horn Drive MARKET: Warren, New Jersey ASSET TYPE: Office BUYER: @ThorEquities SELLER: Ivy Realty BROKERS: Kevin Welsh, Brian Schulz, Jason Emrani, Steven Schultz & Dan Reider @NewmarkKF PRICE: $27,100,000 SF: 180,000 ~ PPSF: $117

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,445,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$96,280.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$128,467.83
Annual Debt Service$1,541,613.91