Stonemont Financial Group Acquires Industrial Property In Passaic For $60M
SOLD
New York
See Similar DealsIndustrial740,520 SF
Sold 12/08/2022
SOLD
Stonemont Financial Group Acquires Industrial Property In Passaic For $60M
122 8th Street
See Similar DealsIndustrial740,520 SF
Sold 12/08/2022
Summary
NEW YORK
Asset Type:Industrial
Price Per Square Foot:$81
Total Square Footage:740,520 SF
Transaction Type:Sale
A Class A industrial property located at 122 8th Street in Passaic has been sold in a transaction facilitated by JLL. The property, spanning approximately 740,520 square feet, was sold for a total price of $60,000,000, reflecting a price per square foot of $81. The sale took place on December 8, 2022.
Summary of transaction details:
- Property Type: Industrial
- Sale Price: $60,000,000
- Square Footage: 740,520
- Price per Square Foot: $81
The buyer, Stonemont Financial Group, was represented by Brian Danahy. The seller in this transaction was Joseph Smouha. Ryan Milanaik from JLL acted as the broker for the deal. PCCP, represented by Ryan Dodge and Lia Barsanti, served as the capital partner in the transaction.
It is worth noting that the buyer, Stonemont Financial Group, plans to develop a Class A industrial facility spanning 300,000 square feet.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,199,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$213,167.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$284,430.61
Annual Debt Service$3,413,167.33
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