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The Adoni Group Acquires Retail Property In Westfield, NJ For $19.2M

Property Image
SOLD
$19,225,000
Josh Goldflam
BC

New Jersey

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Retail31,250 SF
Sold 10/08/2021
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Property Image
SOLD

The Adoni Group Acquires Retail Property In Westfield, NJ For $19.2M

260 North Avenue, Westfield, NJ, USA

See Similar Deals
Retail31,250 SF
Sold 10/08/2021
Josh Goldflam
BC
the dealplayerscompscontact
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Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$615
Total Square Footage:31,250 SF
Transaction Type:Sale

A retail property located at 260 North Avenue E in Westfield, NJ was recently sold for $19,225,000. The property spans 31,250 square feet, resulting in a price per square foot of $615. The transaction took place on October 8, 2021, and was facilitated by the broker Josh Goldflam from Highcap Group.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $19,225,000
  • Address: 260 North Avenue E, Westfield, NJ
  • Market: Westfield, NJ
  • Buyer: The Adoni Group - Sonny Adoni
  • Seller: ACNY Developers Inc. - Bill Cook
  • Broker: Josh Goldflam - Highcap Group

The retail property is a leased shopping center anchored by Walgreens, located in the heart of Westfield, NJ. The transaction resulted in a 5.6% capitalization rate (CAP rate). For any inquiries regarding buying or selling, please contact Josh Goldflam at [email protected].

Players

Josh Goldflam
Highcap Group
Josh Goldflam
29 deals$278.1M volume
BROKER
BC
Bill Cook
2 deals$28.2M volume
SELLER

Details

SOLD
IMAGE: Josh Goldflam DATE: 10/08/2021 ADDRESS: 260 North Avenue E. MARKET: Westfield, NJ ASSET TYPE: Retail BUYER: The Adoni Group - Sonny Adoni SELLER: ACNY Developers Inc. - Bill Cook BROKER: Josh Goldflam (@JoshGoldflam) - Highcap Group (@Highcap_Group) SALE PRICE: $19,225,000 SF: 31,250 ~ PPSF: $615 NOTE FROM @Highcap_Group: Leased Shopping Center anchored by Walgreens in the middle of the town of Westfield, NJ. The property traded for a 5.6% CAP Rate. Josh Goldflam was the exclusive advisor for the sale. Contact Josh for any buying or selling inquiries at: šŸ“§ [email protected]

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

$1,025,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$68,302.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$91,136.31
Annual Debt Service$1,093,635.70