Updated Dec 4, 2024
Sportime Pickleball Leases 30,000 SF Retail Space In Englewood With New Facility Expansion
62 New Jersey Highway 4
Building Size
30,000 SF
Asset Type
Retail
Closing
May 9, 2024
About this deal
AI
The retail property located at 62 New Jersey Highway 4 in Englewood, spanning 30,000 square feet, was leased out in a transaction dated May 9, 2024. The new tenant, Claude Okin of Sportime Pickleball, will be utilizing the space for a 12-court facility, expanding their operations in Wayne, Northern New Jersey.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Tenant: Claude Okin - Sportime Pickleball
- Tenant's Representative: Jennifer Konefsky, Kathryn Cruz, Kenji Ota & Neil Seth - Cushman & Wakefield
- Landlord's Representative: Andrew Somple - NAI James E. Hanson
The negotiations for this lease were spearheaded by the representatives from Cushman & Wakefield on behalf of Sportime Pickleball. The facility, set to open in early 2025, is part of Sportime Pickleball's strategic expansion, which includes another 50,000-square-foot facility in the vicinity. Andrew Somple of NAI James E. Hanson represented the landlord in this transaction.
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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