CBRE today announced it has arranged the sale of a 14,688 sq. ft. stand-alone,single tenant, CVS-occupied property at 440 Union Avenue in Bridgewater Township, NJ. California-based Heritage San Leandro LP acquired the asset for $10.9 million.
Karly Iacono, a Senior Vice President in CBRE’s Capital Markets Investment Properties group, represented the seller, a private client, in the transaction.
“The economic volatility in the U.S. is continuing to support buyer demand for stable investment grade net lease assets with long-term leases,” said Ms. Iacono. “We were pleased to achieve very aggressive pricing on behalf of the seller, closing at 99 percent of the list price.”
Despite the flat leaseterm until 2050, CBRE was able to maximize proceeds for the seller and obtain a 4.2 percent capitalization rate. The long-term existing lease with an investment grade credit tenant were particularly attractive to the buyer.Bridgewater, NJ is part of the New York metropolitan area and is located approximately 45 miles outside Manhattan.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
