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679 New Jersey Highway 23

Prime Equity Acquires Fireside Plaza Retail Asset In Pompton Plains From March Centers LLC
SOLDRetail

Prime Equity Acquires Fireside Plaza Retail Asset In Pompton Plains From March Centers LLC

679 New Jersey Highway 23

Building Size

30,000 SF

Asset Type

Retail

Closing

Jan 10, 2025

AI

The property involved in this transaction is a retail asset located at 679-717 New Jersey Highway 23 in Pompton Plains. It encompasses a total square footage of 30,000 and is situated within a market notable for its presence of major retailers and restaurants.

Summary of transaction details:

This transaction was facilitated by The Goldstein Group, who represented the sale of Fireside Plaza to Prime Equity. Following the acquisition, the new owner plans to subdivide the property and is currently engaged in negotiations for leasing the available space.

Players

CJ Huter

VanRockCRE

Broker

$119.7M

vol

25 deals

Broker

Pompton Plains 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

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93