Updated Oct 29, 2024
Binyan Partners Acquires Tower Market Shopping Center In Eatontown For $4.4M
37 Nj-35, Eatontown, NJ, 07724
$4,400,000
$191/SF
Building Size
23,000 SF
Asset Type
Retail
Closing
Jan 21, 2019
About this deal
AI
The Tower Market Shopping Center in Eatontown, New Jersey, was sold for $4.4 million in January 2019. The property, located at 37 Highway 35, spans 23,000 square feet and is fully leased. The shopping center is anchored by Dollar General, and a façade renovation is planned, along with additional upgrades.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $4,400,000.00
- Address: 37 Nj-35, Eatontown, NJ, 07724
- Market: Eatontown
- Seller's Representative: Raymond Smith - Stafford Smith Realty
- Buyer: Binyan Partners of New York
- SF: 23000
Ray Smith of Stafford Smith Realty represented the seller, Eatontown Commons Associates, in the transaction, while Binyan Partners of New York acted as the buyer. The sale of the Tower Market Shopping Center indicates a notable transaction in the Eatontown retail market, signaling investment interest in commercial properties within the area.
Players
Eatontown 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
3.61%
Cash-on-Cash
-1.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93