Carl Palazzolo Leases 4.09 Acres Industrial Outdoor Storage To Herc Rentals Inc For $70,000 Monthly
80 Sherwood Avenue
$70,000
$70,000/SF
Building Size
522,170 SF
Asset Type
Industrial
Closing
Jun 30, 2025
AI
The asset involved in this transaction is an Industrial Outdoor Storage property located at 80 Sherwood Avenue in Farmingdale, comprising 4.09 acres. The lease designated a monthly rent of $70,000, calculated on a triple net lease basis at a rate of $4.67 per square foot. The lease term is set for 20 years, indicating a long-term commitment between the landlord and tenant.
Summary of transaction details:
- Property Type: Industrial Outdoor Storage
- Transaction Amount: $70,000 NNN monthly rent
- Address: 80 Sherwood Avenue
- Market: Farmingdale
- Landlord: Carl Palazzolo
- Tenant: Herc Rentals Inc
- Brokers: Gary J Chimeri & Michael Berndt - Paramount Properties Group
- Acres: 4.09
- Lease Term: 20 years
- Lease Type: NNN Lease
The individuals facilitating this transaction include Carl Palazzolo, representing the landlord, and Herc Rentals Inc, the tenant in the agreement. The brokers involved are Gary J Chimeri and Michael Berndt from Paramount Properties Group, who played a crucial role in the completion of the lease arrangement.
Players
Farmingdale 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
226.61%
Cash-on-Cash
-64.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93