Macy's Leases 30,000 SF Retail Space At 2 Centerton Road, Mount Laurel
2 Centerton Road
Building Size
30,000 SF
Asset Type
Retail
Closing
Nov 16, 2023
AI
Macy's has leased a retail space of 30,000 square feet at 2 Centerton Road in Mount Laurel. The landlord, Prestige Properties, owns the property located at the said address. This retail space offers a substantial area for Macy's to establish its presence in the Mount Laurel market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not provided in the CONTEXT
- Square Footage: 30,000
- Address: 2 Centerton Road, Mount Laurel
- Market: Mount Laurel
In this lease transaction, Macy's is represented by James Creed from CBRE. Creed played a crucial role in negotiating the terms and conditions on behalf of Macy's. On the other side, Jerry Welkis from Welco Realty represented the landlord, Prestige Properties. Their expertise and assistance facilitated the successful completion of this lease deal.
Players
Mount Laurel Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
Loading comparables…
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