Updated Dec 4, 2024
Frank Petkunas - CRG Services Management LLC Acquires Retail Property In Phillipsburg, NJ For $43.25M
1200 US Route 22, Phillipsburg, New Jersey 08865, United States
$43,250,000
$74/SF
Building Size
577,138 SF
Asset Type
Retail
Closing
May 26, 2022
About this deal
AI
The Phillipsburg Mall, located at 1200 US-22 in Phillipsburg, NJ, has been sold in a closed transaction. The buyer of the retail property is Frank Petkunas, representing CRG Services Management LLC. The seller of the property is Gil Loloi, representing Namdar Realty Group LLC.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $43,250,000
- Square Footage: 577,138
- Price per Square Foot: $75
The Phillipsburg Mall will undergo redevelopment into an Industrial Warehouse, according to a note from @NamdarLLC. Gil Loloi of Namdar Realty Group LLC is actively involved in buying and selling properties, and they invite potential developers for joint ventures. For more information on acquisition criteria, disposition lists, and equity details, interested parties can contact Gil Loloi at [email protected] or call 516 9263327.
Players
Phillipsburg 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
0.37%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93