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80 Sherwood Avenue

Carl Palazzolo Leases 4.09 Acres Industrial Outdoor Storage To Herc Rentals Inc For $70,000 Monthly
LEASEDIndustrial

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

Gary J Chimeri

Broker

$140.2M

vol

12 deals

Broker
Paramount Properties Group
Paramount Properties GroupBrokerage

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