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110 Morris St Morristown, N...

Sweetgreen Signs Lease For Retail Space At M Station East In Morristown
LEASEDRetail

Sweetgreen Signs Lease For Retail Space At M Station East In Morristown

110 Morris St Morristown, NJ 07960, USA

$38

$38/SF

Building Size

2,646 SF

Asset Type

Retail

Closing

Jul 20, 2023

AI

Sweetgreen has signed a lease for a 2,646-square-foot space at M Station East in Morristown. The retail property, located at 110 Morris Street, is owned by SJP Properties and Scotto Properties. The lease transaction was facilitated by Alexander Erdos of SJP Properties and Glenn Beyer of Newmark, who represented the landlord. Jordan Cohn and Clare Golz of RIPCO Real Estate served as the tenant's representatives.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: N/A
  • Address: 110 Morris Street
  • Market: Morristown
  • Landlord: SJP Properties, Scotto Properties
  • Tenant: Sweetgreen
  • Landlord's Rep: Glenn Beyer - Newmark
  • Tenant's Rep: Jordan Cohn & Clare Golz - RIPCO Real Estate
  • Asking Rent: $38.70/ft.
  • Square Footage: 2,646

This lease deal marks a significant milestone for Sweetgreen, as it represents their first suburban downtown location. The addition of Sweetgreen to the retail ecosystem in Morristown is expected to bring a unique dining experience to the area.

Players

Glenn Beyer

Newmark

Broker

1 deal

Broker
SJP Properties
SJP PropertiesLandlord
S
SweetgreenTenant

New Jersey Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

417447.37%

Cash-on-Cash

-119307.74%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93