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Newmark Brokers Sell Retail Property In Paterson For $34M

Property Image
SOLD
$34,000,000
Samer Khalil
Matt Berres

New Jersey

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Retail120,000 SF
Sold 11/13/2020
the dealplayerscompscontact
Property Image
SOLD

Newmark Brokers Sell Retail Property In Paterson For $34M

75 McLean Blvd, Paterson, NJ 07514, USA

See Similar Deals
Retail120,000 SF
Sold 11/13/2020
Samer Khalil
Matt Berres
the dealplayerscompscontact
Contact now

Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$283
Total Square Footage:120,000 SF
Transaction Type:Sale

Located at 75 McLean Blvd in Paterson, this retail property was recently sold in a closed transaction on November 13, 2020. The property spans approximately 120,000 square feet with a price per square foot value of $283. The total sale price for the property was $34,000,000. Newmark represented the parties involved in the transaction, including Steven Schultz, Matt Berres, and Samer Khalil.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $34,000,000
  • SF: 120,000
  • PPSF: $283
  • Address: 75 McLean Blvd
  • Market: Paterson
  • Brokers: Steven Schultz, Matt Berres, & Samer Khalil - Newmark

The deal's key individuals and companies involved in this transaction are Steven Schultz, Matt Berres, and Samer Khalil from Newmark. Their expertise and representation played a crucial role in facilitating the sale of this retail property at 75 McLean Blvd in Paterson.

Players

Matt Berres
Newmark
Matt Berres
9 deals$206.7M volume
BROKER
Samer Khalil
Newmark
Samer Khalil
10 deals$210.6M volume
BROKER

Details

SOLD
IMAGE: IMAGE: Steven Schultz, Matt Berres, & Samer Khalil⁠ DATE: 11/13/2020⁠ ADDRESS: 75 McLean Blvd⁠ MARKET: Paterson⁠ ASSET TYPE: Retail⁠ ⁠ BROKERS: Steven Schultz, Matt Berres, & Samer Khalil – Newmark⁠ ⁠ PRICE: $34,000,000⁠ SF: 120,000 / PPSF: $283⁠ ⁠

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,813,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15