CBRE arranges $27M sale of retail center in Morris Plains

CBRE announced Thursday it has arranged the $26.75 million sale of a Stop & Shop center in Morris Plains.

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.

The  67,449-square-foot property located at 245 Littleton Road is within close access to routes 202 and 10.

“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,” Dunne said.