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3103 Nj-38, Mount Laurel To...

Gorman & Co. LLC Acquires Property From RPC Real Estate For $18.2 Million In Mount Laurel
SOLDRetail

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

Christopher Munley

JLL

Broker

$1.5B

vol

18 deals

Broker
RE
RPC Real EstateSeller

Mount Laurel Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

Loading comparables…

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