ALBI Properties LLC Acquires Retail Space In Clifton For $4.4 Million From Balmar Realty LLC And Gohawir Realty 1096/1104 LLC
1132 US Route 46
$4,400,000
$224/SF
Building Size
19,602 SF
Asset Type
Retail
Closing
Nov 19, 2024
AI
A 2.15-acre retail property located at 1104 and 1132 Route 46 West in Clifton was sold for $4,400,000. The asset comprises a total square footage of 19,602, translating to a price per square foot of $224. The retail space features a 15,640-square-foot center along with a restaurant outparcel, housing tenants such as Leslie Pools, Olive Bistro, CKO, and Liquor Locker.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,400,000
- Buyer: ALBI Properties LLC
- Seller: Balmar Realty LLC & Gohawir Realty 1096/1104 LLC
- Broker: Christopher Conway - Atlantic Coastal Real Estate
- Date of Sale: 11/19/2024
The transaction was facilitated by Christopher Conway representing Atlantic Coastal Real Estate, highlighting the brokerage's involvement in securing the deal. The buyer, ALBI Properties LLC, acquired the property from Balmar Realty LLC and Gohawir Realty 1096/1104 LLC, indicating a successful collaboration among all parties involved in this transaction.
Players
Clifton Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.61%
Cash-on-Cash
-1.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93