facebook

traded

+ Submit
Home

/

Deals

/

New Jersey

/

Retail

/

Lease

/

400 Springfield Avenue, Ber...

Bubbakos Burritos Signs 10-Year Lease At 400 Springfield Avenue In Berkeley Heights, NJ With Landlord Berkeley Development Co. L.P
LEASEDRetail

Bubbakos Burritos Signs 10-Year Lease At 400 Springfield Avenue In Berkeley Heights, NJ With Landlord Berkeley Development Co. L.P

400 Springfield Avenue, Berkeley Heights, NJ 07922

Building Size

2,372 SF

Asset Type

Retail

Closing

Jul 23, 2020

AI

Located at 400 Springfield Avenue in Berkeley Heights, NJ, this retail property has recently been leased. The tenant, Bubbakos Burritos, has signed a 10-year lease term with two 5-year options. The landlord of the property is Berkeley Development Co. L.P. The lease was facilitated by Chris Conway and Gary Krauss of an undisclosed agency. The asking rent for the property is $25 per square foot on a triple net lease, with a total space of 2,372 square feet.

Summary of transaction details

  • Property Type: Retail
  • Tenant: Bubbakos Burritos
  • Landlord: Berkeley Development Co. L.P.
  • Brokers: Chris Conway, Gary Krauss
  • Asking Rent: $25/ft. NNN
  • Space: 2,372 square feet

The lease agreement for this retail property showcases the demand for commercial spaces in the Berkeley Heights market. Bubbakos Burritos, a well-known establishment, will now operate their business at 400 Springfield Avenue. This transaction highlights the proficiency of Chris Conway and Gary Krauss, who successfully facilitated the lease on behalf of their respective clients, the tenant and landlord.

Players

Christopher Conway

Atlantic Coastal Real Estate

Broker

$12.1M

vol

40 deals

Broker
BL
Berkeley Development Co, L.P.Landlord

Berkeley Heights Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

Loading comparables…

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