Lawn Buddies Leases 3,500-Square-Foot Industrial Space In Somerville
3544 Route 22
$25
$25/SF
Building Size
3,500 SF
Asset Type
Industrial
Closing
May 2, 2023
AI
Lawn Buddies, a lawn service company based in Central New Jersey, has leased a 3,500-square-foot freestanding building located at 3544 Route 22 in Somerville. The industrial property is situated in a prime location in the market of Somerville, surrounded by popular retailers such as Dunkin', Stowaway Self Storage, and others. The lease transaction was completed on May 2, 2023, and the property will serve as a new retail space for Lawn Buddies to cater to clients in Hunterdon and Somerset County. The asking rent for the space was $25 per square foot, resulting in a total rental cost of approximately $87,500 per year.
Summary of transaction details:
- Property Type: Industrial
- Transaction Date: 05/02/2023
- Property Address: 3544 Route 22, Somerville
- Market: Somerville
- Tenant: Lawn Buddies
- Brokers: Chandler Vanderbeek & Connor Vanderbeek - Bussel Realty Corp.
- Asking Rent: $25/ft.
The lease deal was facilitated by Bussel Realty Corp.'s Chandler Vanderbeek and Connor Vanderbeek, who represented both the tenant, Lawn Buddies, and the landlord in the transaction. With their expertise and negotiation skills, they successfully closed the deal, ensuring that the needs of both parties were met. This lease agreement allows Lawn Buddies to expand its operations and serve a wider range of clients in Hunterdon and Somerset County, solidifying its position as a prominent lawn service company in Central New Jersey.
Players
Willet Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
634520.00%
Cash-on-Cash
-181347.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93