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151 Ridgedale Ave, East Han...

Urban Edge Properties Acquires Warehouse From Paper Mart In East Hanover For $1.87M
SOLDWarehouse

Urban Edge Properties Acquires Warehouse From Paper Mart In East Hanover For $1.87M

151 Ridgedale Ave, East Hanover, NJ...

Building Size

187,013 SF

Asset Type

Warehouse

Closing

Nov 20, 2023

AI

The property asset involved in this transaction is a warehouse and distribution center located at 151 Ridgedale Ave, East Hanover, NJ. The facility covers a total square footage of 187,013 and is situated on a 9.2-acre site, which has been utilized as the headquarters for Paper Mart since 1978.

Summary of transaction details:

  • Property Type: Warehouse
  • Transaction Amount: Not disclosed
  • Address: 151 Ridgedale Ave, East Hanover, NJ
  • Market: East Hanover
  • Seller: Paper Mart
  • Buyer: Urban Edge Properties
  • Seller's Representative: Matthew C. Turse - Avison Young, Timothy Cadigan - Avison Young
  • Buyer's Representative: Tom Consiglio - Resource Realty, Scott Peck - Resource Realty
  • Square Footage: 187,013

Avison Young facilitated the transaction by representing the seller, Paper Mart, through Matthew Turse and Timothy Cadigan. The buyer, Urban Edge Properties, a New York-based REIT spun off from Vornado Realty Trust in 2015, was represented by Tom Consiglio and Scott Peck from Resource Realty.

Players

Matthew C. Turse

Avison Young

Broker

$27.1M

vol

11 deals

Broker
Urban Edge Properties
Urban Edge PropertiesBuyer

East Hanover Warehouse Market Snapshot

Boundary boundary · Warehouse · 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