Hanley Investment Group Real Estate Advisors, a real estate brokerage and advisory firm, announced it has completed the sale of a Walmart ground lease in Teterboro.
The property, which sold for $37.48 million, is located at Teterboro Landing.
Ed Hanley, president of the firm, represented the seller, Catellus Development Corp., which is based in Oakland, California. The buyer, a 1031 exchange private investor from Dallas, Texas, represented itself.
“This sale represented a rare opportunity to purchase a new single-tenant, triple-net Walmart with stable income stream with increases,” Hanley said.
The single-tenant, 159,542-square-foot building is located at 1 Teterboro Landing Drive. It is within close access to Routes 17 and 46 and Interstates 80 and 95.
“Walmart has premium visibility along Route 46 with their building as well six highly visible pylon signs,” Hanley said.
“This is an extremely dense market with no available land and rapidly rising land costs which create extremely high barriers to entry for future development,” Hanley said. “Teterboro Landing took eight years of approvals, planning and development, including $4 million of off-site Department of Transportation improvements. This is definitely a trophy property and we expect high-quality properties like this will continue to attract investors who are willing to pay top dollar.”