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2702 US Route 22

Greg Jemal Acquires Retail Property From Klein Group LLC In Union For $3.545M
SOLDRetail

Greg Jemal Acquires Retail Property From Klein Group LLC In Union For $3.545M

2702 US Route 22

$3,545,000

$729/SF

Building Size

4,859 SF

Asset Type

Retail

Closing

Jun 14, 2024

AI

The $3,545,000 sale of a net-net leased Vitamin Shoppe location at 2702 US-22 in Union, New Jersey was facilitated by Marcus & Millichap. Situated on Route 22, a prime commercial highway, this 4,859-square-foot property garnered significant interest due to its strategic positioning and the high demand for net-leased assets in northern New Jersey's retail corridors.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $3,545,000
  • Address: 2702 US Route 22
  • Market: Union
  • Square Footage: 4,859

Alan Cafiero, David Cafiero, and Dean Matuszewicz from Marcus & Millichap played a crucial role as the brokers in this transaction, representing the buyer and the seller. Greg Jemal acted as the buyer while Klein Group LLC was the seller of the retail property.

Players

Alan Cafiero

Marcus & Millichap

Broker

$763.8M

vol

100 deals

Broker

Union 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

4.47%

Cash-on-Cash

-1.28%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93