CBRE today announced that it has arranged for the sale of a 67,449 sq. ft. Stop & Shop center located at 245 Littleton Road in Morris Plains, New Jersey. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner, JDA Development Co., in the sale and also procured the buyer, Oak Street Real Estate Capital, who acquired the property for $26.75 million.

Stop & Shop’s lease, which runs through 2031, is guaranteed by Stop & Shop’s parent company, Ahold, providing an investor with long-term, stable income and no landlord maintenance/management responsibilities. The property is situated on the highly trafficked intersection of Route 202 and Route 10 (96,656± cars per day), one of Northern New Jersey’s most successful retail corridors with over two million sq. ft. of retail within a five mile stretch of Route 10.

Mr. Dunne commented, “The property provided a compelling opportunity for Oak Street to purchase a long-term, credit lease with a dominant grocer in Metro NY. The strong nearby demographics, highlighted by over 65,000 residents and average household incomes over $140,000 within three miles, support the high sales volumes at the property.”

CBRE’s Metro N.Y. National Retail Partners team has several attractive investment opportunities currently available, including: 200 Greenwich Avenue, a trophy, mixed-use property anchored by Saks Fifth Avenue in Greenwich, CT; 404 Route 17 North, a Trader Joe’s and HomeSense center fronting directly on Route 17 in Paramus, NJ; 99 Route 17 North, a long-term Home Depot center in Lodi, NJ; 1200 Post Rd. East, a Crate & Barrel anchored center on Route 1 in Westport, CT.; a long-term CVS on the prestigious Greenwich Avenue in Greenwich, CT.; and Ansonia Landing, a 91,447± sq. ft. Stop & Shop anchored center in Ansonia, CT.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.