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
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