Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner in the sale. The buyer acquired the property as part of a 1031 exchange, CBRE said.
The property, located at 99 Route 17 North, is a single-tenant retail building triple-net leased to The Home Depot through January 2029. It is situated on the highly-trafficked intersection of Route 17 and Route 80 within the Paramus/Route 17 market.
“The property’s credit tenancy, stable cash flow with attractive rent increases and additional development potential was a perfect fit for the purchaser’s 1031 exchange. The property provided a unique opportunity to purchase 12-acres fronting Route 17 in one of the densest and most renowned retail markets in the country,” Dunne said.
The sale follows on the heels of several other single-tenant net lease trades completed by CBRE this year, including:
- The $30 million sale of a CVS property in Greenwich, Connecticut;
- The $26.75 million sale of a Stop & Shop center located at 245 Littleton Road (Route 202) in Morris Plains;
- The $15.75 million sale of a ShopRite center in Hudson, New York.