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3130 New Jersey Highway 10

Adoni Property Group Achieves Full Occupancy With Denville Retail Lease Deal
LEASEDRetail

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

David Townes

JLL

Broker

$7.1M

vol

15 deals

Broker

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