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2 Centerton Road

Macy's Leases 30,000 SF Retail Space At 2 Centerton Road, Mount Laurel
LEASEDRetail

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

Jerry Welkis

Welco Realty

Broker

8 deals

Broker
PP
Prestige PropertiesLandlord

Mount Laurel 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