Updated Dec 4, 2024
Hillcrest Plaza LLC Leases 2400 Square Foot Retail Space To Pyramid Hospitality In Berlin
421 New Jersey Highway 73
Building Size
2,400 SF
Asset Type
Retail
Closing
Oct 15, 2024
About this deal
AI
The transaction involved a retail space located at 421 Route 73 in Berlin, comprising an area of 2,400 square feet. This property is under the ownership of Hillcrest Plaza LLC and has been leased to Pyramid Hospitality for the purpose of establishing a restaurant.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not Specified
- Address: 421 Route 73
- Market: Berlin
- Landlord: Hillcrest Plaza LLC
- Tenant: Pyramid Hospitality
- Broker: Eric Flocco - Wolf Commercial Real Estate
Eric Flocco represented Hillcrest Plaza LLC in this leasing transaction, highlighting the strategic access of the location on Route 73 and its proximity to major retailers, contributing to the tenant's decision to select this site.
Players
Berlin 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