WESTWOOD, BURLINGTON AND NEWARK, NJ (JULY 27, 2016) - CBRE Group’s Tri-State Investment Properties team completed three separate retail property sales in New Jersey totaling more than $7 million.
The team of Charles Berger and Mark Silverman of CBRE’s New Jersey office, and Elli Klapper of the firm’s Long Island City office arranged the transactions.
- The $5.5-million sale of 39 Kinderkamack Road in Westwood, from 39 Kinderkamack Properties to Roebling Investment Company;
- The $1.4-million sale of 1204 Route 130 N in Burlington, from Burlington Net Holdings to an unidentified buyer;
- The $650,000 sale of 727 Frelinghuysen Avenue in Newark from 727 Holdings LLCto 727 Newark Avenue L.L.C.
Recently built, 39 Kinderkamack Road is triple-net leased to Goodyear for a 15-year term. The 9,300-square-foot property sold at a sub six-percent cap rate – the lowest cap rate paid for a Goodyear in the previous 12 months. CBRE’s Investment Properties team collaborated with CBRE’s Samuel Bernhaut, vice president, in the transaction.
“Our team was proud to represent one of our long-term clients in a near-record-breaking sale for a Goodyear triple-net-leased property,” says Elli Klapper. “This fabulous retail location on one of Bergen County’s main arteries, along with its brand new 15-year lease, made this a very attractive opportunity that resulted in a very timely transaction mutually benefitting both parties.”
Double net leased to Dollar Tree, 1204 Route 130 N was sold in a 1031 Exchange at an aggressive cap rate. The recently-completed building is located within a highly active retail corridor in Burlington and has a new, 15-year lease in place with Dollar Tree upon its occupancy.
“We were able to achieve an aggressive cap rate for the seller, a long-term client, and were able to procure a buyer for this asset in a timely manner,” says Berger. “Our team continues to dominate in this market, and has proven its ability to maximize value for our clients, resulting in repeat business from a number of clients, as well as satisfaction from first-time clients.”
In the sale of 727 Frelinghuysen Avenue, the CBRE team represented a financial institution that was looking to dispose of the asset due to a number of challenges associated with the property. The 19,500-square-foot retail asset was 75-percent vacant at the time of the closing.
“Although there were numerous hurdles to conquer in this transaction, including the property’s distressed location, a recent building fire and a high vacancy rate – we were able to secure a value-add investor without contingencies and close the deal in a timely manner, benefiting both the seller and buyer,” says Berger.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
