Valley Bank Leases Retail Space At 2 Hanover Road In Florham Park
2 Hanover Road
Building Size
3,865 SF
Asset Type
Retail
Closing
Jan 16, 2024
AI
Valley Bank has secured a long-term lease for a retail space at 2 Hanover Road in Florham Park, Morris County. The colonial-style building, located at a signalized intersection, offers high visibility, making it an ideal location for the regional bank to operate a retail branch. The property spans 3,865 square feet and is strategically positioned in a prime market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not provided
- Address: 2 Hanover Road, Florham Park
- Market: Florham Park
- Square Footage: 3,865 SF
Valley Bank, a nationwide regional bank with over 300 branches, will be represented by Blake J. Shanaphy of JLL. The landlord's representative in this transaction is Amy Staats from Katz & Associates, who successfully facilitated the long-term lease for Valley Bank at 2 Hanover Road.
Players
Florham Park 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