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1711 New Jersey Highway 10

Ugly Dumpling Leases 5,654 Square Foot Restaurant In Morris Plains From Urban Edge Properties
LEASEDRetail

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

Jerry Welkis

Welco Realty

Broker

8 deals

Broker

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