Adoni Property Group Achieves Full Occupancy With Denville Retail Lease Deal
3130 New Jersey Highway 10
Building Size
—
Asset Type
Retail
Closing
May 15, 2024
AI
The property involved in the transaction is Denville Commons, a 73,239-square-foot retail complex located at 3130 New Jersey Highway 10 in Denville. The asset, owned by Sonny Adoni of Adoni Property Group, is situated in the market of Denville, showcasing a commitment to a diverse tenant mix with the recent addition of new tenants including Phenix Salon Suites, American Family Care, Health Mate Hot Tubs, and Tropical Smoothie Café.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Landlord: Sonny Adoni - Adoni Property Group
- Tenants: Phenix Salon Suites, American Family Care, Health Mate Hot Tubs, & Tropical Smoothie Café
- Brokers: Alana Friedman & David Townes - JLL
The deal at Denville Commons, facilitated by brokers Alana Friedman and David Townes from JLL, brought the shopping center to full occupancy by securing the mentioned four new tenants. This successful endeavor highlights the collaborative effort between the landlords and the tenants, further enhancing the shopping experience for the local community.
Players
Denville 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