Asia Investment Management Acquires Office Building In Ridgefield Park, New Jersey For $59.7M
SOLD
$59,700,000
+ 2
New Jersey
See Similar DealsOffice2,330,000 SF
Sold 10/27/2020
SOLD
Asia Investment Management Acquires Office Building In Ridgefield Park, New Jersey For $59.7M
85 Challenger Rd, Ridgefield Park, NJ 07660, Estados Unidos
See Similar DealsOffice2,330,000 SF
Sold 10/27/2020
+ 2
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$25
Total Square Footage:2,330,000 SF
Transaction Type:Sale
The office property located at 85 Challenger Road in Ridgefield Park, New Jersey has been sold in a transaction. The property is owned by KABR Group, represented by Kenneth Pasternak, and has been purchased by Asia Investment Management. The sale price for this transaction is $59,700,000.
Summary of Transaction Details:
- Property Type: Office
- Transaction Amount: $59,700,000
- Tenant: Samsung
- Buyer: Asia Investment Management
- Seller: KABR Group – Kenneth Pasternak
- Brokers: Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver, and J.B. Bruno at JLL
Samsung is the tenant occupying the office property at 85 Challenger Road. The deal was facilitated by brokers Jose Cruz, Kevin O’Hearn, Steve Simonelli, Michael Oliver, and J.B. Bruno from JLL.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,184,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$212,101.48
Cash-on-Cash Return-1.27%
Monthly Debt Service$283,008.46
Annual Debt Service$3,396,101.49
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