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NAI DiLeo-Bram & Co Sells SuperFresh-Anchored Shopping Center In Middlesex For $8.55M

Property Image
SOLD
$8,550,000

New Jersey

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Retail69,750 SF
Sold 01/23/2024
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Property Image
SOLD

NAI DiLeo-Bram & Co Sells SuperFresh-Anchored Shopping Center In Middlesex For $8.55M

242 Lincoln Boulevard

See Similar Deals
Retail69,750 SF
Sold 01/23/2024
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$122
Total Square Footage:69,750 SF
Transaction Type:Sale

The retail property located at 242 Lincoln Boulevard in Middlesex Borough has been sold for $8,550,000. This SuperFresh-anchored shopping center spans 69,750 square feet and is situated in the Middlesex market. The property underwent a full renovation and is now a part of Food World Market and the Key Food Stores cooperative. It opened in time for the 2023 holiday season, serving approximately 294,000 people within a five-mile radius.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $8,550,000
  • Square Feet: 69,750
  • Price Per Square Foot: $123
  • Address: 242 Lincoln Boulevard, Middlesex Borough
  • Market: Middlesex

The sale of this retail property was facilitated by Marc Shein from NAI DiLeo-Bram & Co. As the representative of the buyer or seller in this transaction, Marc Shein played a key role in the successful completion of the deal.

Players

Marc Shein
NAI Global
Marc Shein
8 deals$22.5M volume
BROKER

Details

SOLD
IMAGE: Marc Shein DATE: 01/23/2024 ADDRESS: 242 Lincoln Boulevard MARKET: Middlesex ASSET TYPE: Retail BROKER: Marc Shein - NAI DiLeo-Bram & Co SALE PRICE: $8,550,000 SF: 69,750 ~ PPSF: $123 NOTE: NAI DiLeo-Bram & Co. announced the $8.55 million sale of a 69,750-square-foot SuperFresh-anchored shopping center in Middlesex Borough. The fully renovated supermarket, part of Food World Market and the Key Food Stores cooperative, opened in time for the 2023 holiday season, serving approximately 294,000 people within a five-mile radius.

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

$456,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$30,376.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,531.36
Annual Debt Service$486,376.34