Updated Oct 28, 2024
The Adoni Group Acquires Retail Property In Westfield, NJ For $19.2M
260 North Avenue, Westfield, NJ, USA
$19,225,000
$615/SF
Building Size
31,250 SF
Asset Type
Retail
Closing
Oct 8, 2021
About this deal
AI
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
Westfield 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
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93