CBRE announced Wednesday the $8.27 million sale of nine properties from the Youth Consultation Services portfolio.
YCS is a Farmingdale-based provider of education and mental and behavioral health programming to New Jersey families.
The assets, which total 81,999 square feet, were purchased by three separate buyers. One buyer purchased seven buildings as part of a sale-leaseback with YCS, and the other buyers purchased two buildings that were recently vacated by YCS in separate deals.
Charles Berger and Elli Klapper of CBRE’s Tri-State Investment Properties team, along with Randy Eigen and Donald Sperling of Brokerage Serices, represented the seller and procured the majority of the buyers.
The properties are located in Montclair, Hackensack, Newark, Somerdale, Gloucester, Estell-Manor, Vineland and Blackwood.
“The properties, which are a mix of youth centers, residential facilities and schools, are all in prime locations and gave the buyers the ability to diversify,” Berger, senior vice president, CBRE, said. “The new owners of the net leased properties will be able to maintain a steady cash flow for the near future, with the possibility of development in the longer term, while the owners of the vacant assets will be repositioning them for alternative uses.”
