Ugly Dumpling Leases 5,654 Square Foot Restaurant In Morris Plains From Urban Edge Properties
1711 New Jersey Highway 10
Building Size
5,654 SF
Asset Type
Retail
Closing
Sep 30, 2024
AI
The property involved in this transaction is a retail asset located at 1711 Route 10 in Morris Plains. The total square footage of the space is 5,654, and it is part of Briarcliff Commons, a shopping center that accommodates various tenants.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 1711 Route 10
- Market: Morris Plains
- Landlord: Urban Edge Properties
- Tenant: Ugly Dumpling
- Landlord's Representative: Justin Lustig - Urban Edge Properties
- Tenant's Representatives: Jerry Welkis & Stephan Miller - Welco Realty
Ugly Dumpling has signed a lease with Urban Edge Properties, fully occupying the 5,654-square-foot restaurant space. This establishment specializes in a modern interpretation of traditional Shanghai dumplings and cuisine and joins established tenants like Uncle Giuseppe’s, Kohl’s, and City MD in the shopping center.
Players
Morris Plains 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93