Updated Dec 4, 2024
Bipin Patel & Heerak Amin Open Montvale Liquors Boutique Liquor Store At CVS Center
20 South Kinderkamack Road
Building Size
4,700 SF
Asset Type
Retail
Closing
Oct 8, 2024
About this deal
AI
The asset involved in the transaction is a retail space located at 20 South Kinderkamack Road in Montvale, consisting of 4,700 square feet. This property is part of a shopping center known as CVS Center, where Montvale Liquors will be establishing its boutique liquor store, succeeding a smaller liquor outlet. The retail space is positioned to enhance the shopping experience in the area with an expanded selection of wine, spirits, and craft beer.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Square Footage: 4,700
- Address: 20 South Kinderkamack Road
- Market: Montvale
- Tenant: Bipin Patel & Heerak Amin - Montvale Liquors
- Broker: Sidney Singer - Levin Management Corporation
The key individuals behind this deal are Bipin Patel and Heerak Amin, who are experienced industry veterans operating the Montvale Liquors. The store is being opened in a shopping center that is managed by Levin Management Corporation, which is also overseeing the establishment of a new lease for Tropical Smoothie Cafe situated at Brunswick Shopping Center in North Brunswick.
Players
Montvale 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