Launch Entertainment Signs 31,842-Square-Foot Retail Lease In Little Ferry
Building Size
31,842 SF
Asset Type
Retail
Closing
Jan 12, 2024
AI
Launch Entertainment has signed a 31,842-square-foot retail lease at 260 Bergen Turnpike in Little Ferry, part of a grocery-anchored shopping center. The space, formerly occupied by HMart, will now house Launch's family entertainment center. The lease was facilitated by Marta Villa of CBRE on behalf of Bergen Ferry Associates LP.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not provided
- Address: 260 Bergen Turnpike
- Market: Little Ferry
- Square Footage: 31,842
The landlord of the property is Bergen Ferry Associates LP, while the tenant is Craig Erlich, who represents Launch Entertainment. Marta Villa of CBRE acted as the landlord's representative, facilitating the lease. Brian Wherty of Equity Retail Brokers served as the tenant's representative. The lease agreement allows Launch Entertainment to establish their family entertainment center in the space, which was previously occupied by HMart.
Players
Market 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