Mompou Tapas Wine Bar & Lounge – Ironbound Newark, NJ
This repesented the sale of the business only within a leased street-level commercial space within a mixed use building. The owner of the building was the seller of the business and will be leasing the space back to the new tenant. The base rent equated to 6.4% of the prior years revenues. The Ironbound is one of Newark's most vibrant neighborhoods. There are almost no vacant stores along Ferry Street, its commercial heart. The subject business is located within walking distance of Penn Station Newark, Prudential Center, NJPAC, and the Red Bull Arena.