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Paramount Realty Acquires Bey Lea Plaza In Toms River For $8.75M From Marx Realty
SOLD
$8,750,000
New Jersey
See Similar DealsRetail79,362 SF
Sold 08/15/2023
SOLD
Paramount Realty Acquires Bey Lea Plaza In Toms River For $8.75M From Marx Realty
1030 Hooper Ave Toms River, NJ 08753, USA
See Similar DealsRetail79,362 SF
Sold 08/15/2023
Summary
NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$110
Total Square Footage:79,362 SF
Transaction Type:Sale
Paramount Realty, represented by Maurice Zekaria, has acquired the Bey Lea Plaza in Toms River, New Jersey, from Marx Realty for $8.75 million. The retail property spans 79,362 square feet and is situated at 1030 Hooper Avenue in the Toms River market. With a price per square foot of $110, this shopping center features prominent tenants such as PetSmart and Wells Fargo.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $8,750,000
- Square Footage: 79,362
- Address: 1030 Hooper Avenue
- Market: Toms River
The deal was facilitated by Steven Winters and Mike Horne of RIPCO, who served as the brokers for Paramount Realty. This acquisition will lead to a collaborative effort between Paramount Realty and local authorities to redevelop the Bey Lea Plaza, aiming to enhance its appeal and drive further growth in the area.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$466,666.68
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,086.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$41,479.46
Annual Debt Service$497,753.57
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