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
East Hanover Warehouse Market Snapshot
Boundary boundary · Warehouse · Sale transactions
Loading comparables…
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