Gorman & Co. LLC Acquires Property From RPC Real Estate For $18.2 Million In Mount Laurel
3103 Nj-38, Mount Laurel Township, N...
$18,200,000
$142/SF
Building Size
128,172 SF
Asset Type
Retail
Closing
Nov 19, 2023
AI
The property involved in this transaction is Larchmont Commons, a retail center located at 3103 Nj-38, Mount Laurel Township, New Jersey. The asset was sold for $18,200,000.00 and has a total area of 128,172 square feet. It is situated in the Mount Laurel market and was 88 percent leased at the time of the sale, with key tenants including ALDI, Planet Fitness, and Dollar Tree.
Summary of transaction details:
- Property Type: Retail Center
- Transaction Amount: $18,200,000.00
- Address: 3103 Nj-38, Mount Laurel Township, New Jersey
- Market: Mount Laurel
- Square Footage: 128,172
- Seller: RPC Real Estate
- Buyer: Gorman & Co. LLC
- Seller's Rep: Christopher "Chris" Munley-JLL, Colin Behr-JLL, James "Jim" Galbally-JLL
- Loan Amount: $12.9 million
- Loan Provider: Institutional Lender
- Other Tenants: Hair Cuttery, The UPS Store, Kumon Learning Center
JLL played a significant role in the transaction, representing the sellers RPC Real Estate and Merion Realty Partners. The team included Chris Munley, James Galbally, Jose Cruz, and Colin Behr. Additionally, Ryan Ade of JLL facilitated financing for the buyer Gorman & Co. LLC through a fixed-rate acquisition loan.
Players
Mount Laurel 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
0.87%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93