Auto Lenders, a Berlin-based used car company, has sold its 10 facilities — nine in New Jersey and one in Pennsylvania — as part of a $55 million sale-leaseback deal, real estate firm CBRE announced this week.
The 10 properties include Auto Lenders’ corporate headquarters, a second Berlin office property, seven dealerships and a vehicle conditioning center, CBRE said in a news release. W.P. Carey, a New York-based real estate investment trust, acquired the properties and signed a series of new leases with the company.
The properties include:
- Auto Lenders of Egg Harbor Township;
- Auto Lenders of Lakewood;
- Auto Lenders of Princeton;
- Auto Lenders of Toms River;
- Auto Lenders of Voorhees;
- Auto Lenders of Williamstown;
- Auto Lenders of Exton, Pennsylvania;
- Auto Lenders’ corporate headquarters in Berlin;
- ALGO’s corporate headquarters in Berlin;
- CAL Automotive in Yardville.
CBRE’s Thomas Finnegan, Matthew Gorman and Michael Shover exclusively represented Auto Lenders in the marketing and sale of the portfolio, and procured the buyer.
“We were able to generate tremendous institutional interest in the Auto Lenders portfolio,” Finnegan said in a prepared statement. “Since the onset of the COVID-19 pandemic, one-owner, off-lease vehicles like those offered by Auto Lenders have seen a major boom in demand. As a result, the portfolio offered a rare blend of high-quality real estate, tied to a proven operator of 30-plus years, that not only survived the latest economic downturn, but continued to thrive.”