Unknown Investment Firm Purchases Franklin Township Property For $56 Million Represented By Isaiah Harf
3391 Lincoln Highway
$56,000,000
$405/SF
Building Size
138,000 SF
Asset Type
Other
Closing
Nov 20, 2023
AI
The property involved in this transaction is Franklin Towne Center, a shopping center located at 3391 Nj-27, Franklin Township, NJ. The asset has an approximate price of $56,000,000 and encompasses 138,000 square feet of retail space, situated on a 14-acre site. The shopping center was constructed in 1990 and is anchored by the grocer Stop & Shop.
Summary of transaction details:
- Property Type: Shopping Center
- Transaction Amount: $56,000,000.00
- Address: 3391 Nj-27, Franklin Township, NJ
- Square Footage: 138,000
- Seller's Representative: Isaiah Harf - Stan Johnson Company
- Buyer: Unknown Investment Firm
Isaiah Harf of Stan Johnson Company represented the seller, a New York-based developer, during the transaction. The buyer was identified as a New Jersey-based investment firm. Both parties opted for anonymity throughout the process.
Players
Market Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93