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Agree Realty Corp. Acquires Retail Property In Deptford For $17M

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SOLD
$17,000,000

New Jersey

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Retail60,759 SF
Sold 04/28/2022
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Property Image
SOLD

Agree Realty Corp. Acquires Retail Property In Deptford For $17M

1851 Deptford Center Road, Deptford, New Jersey 08096, United States

See Similar Deals
Retail60,759 SF
Sold 04/28/2022
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Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$279
Total Square Footage:60,759 SF
Transaction Type:Sale

1851 Deptford Center Road, located in Deptford, was recently sold in a transaction on April 28, 2022. The property is a retail asset spanning 6.08 acres in size. The sale was facilitated by brokers David H. Wirth, Andrew Fallon, and Rick Fernandez from SRS Real Estate Partners-Northeast LLC. The buyer, Agree Realty Corp., acquired the property from Next Realty LLC.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $17,000,000
  • Square Footage: 60,759
  • Price Per Square Foot: $280
  • Market: Deptford

This transaction highlights the involvement of Agree Realty Corp. as the buyer and Next Realty LLC as the seller. The deal was brokered by David H. Wirth, Andrew Fallon, and Rick Fernandez from SRS Real Estate Partners-Northeast LLC. The property's size and location in Deptford make it an attractive retail asset for the buyer. This successful transaction demonstrates the expertise and negotiation skills of the involved brokers.

Players

Andrew Fallon
15 deals$141.3M volume
BROKER

Rick Fernandez
SRS Real Estate Partners
8 deals$82.9M volume
BROKER

David H. Wirth
SRS Real Estate Partners
1 deal$17M volume
BROKER

BUYER

Details

SOLD
IMAGE: David H. Wirth, Andrew Fallon & Rick Fernandez DATE: 04/28/2022 ADDRESS: 1851 Deptford Center Road MARKET: Deptford ASSET TYPE: Retail ~ ACRES: 6.08 BUYER: Agree Realty Corp. SELLER: Next Realty LLC BROKERS: David H. Wirth, Andrew Fallon & Rick Fernandez - SRS Real Estate Partners-Northeast LLC SALE PRICE: $17,000,000 SF: 60,759 ~ PPSF: $280

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$906,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$60,397.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$80,588.67
Annual Debt Service$967,064.08