Firm’s Capital Markets Tri-State Investment Properties Team Facilitates More Than $7 Million in Transactions
CBRE Group Inc. announced today that its Tri-State Investment Properties team completed three separate retail property sales in New Jersey.
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 following transactions, which total more than $7 million.
- The $5.5-million sale of 39 Kinderkamack Road in Westwood
- The $1.4-million sale of 1204 Route 130 N in Burlington
- The $650,000 sale of 727 Frelinghuysen Avenue in Newark
Recently built, 39 Kinderkamack Road sits in a premier Bergen County location and 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,” said Mr. 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.
Mr. Berger commented: “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. 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.”
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
