The 72,625-square-foot retail property at 493 Route 38 W. was sold by an undisclosed owner to Northbridge Partners, the firm said in a news release. The single-tenant building is triple net long-term leased by Macy’s, which has occupied the property since 2001 and recently executed a 10-year lease extension.
The team of Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the seller and procured the buyer.
“This property offers a great opportunity for an investor to see immediate cash flow while maintaining flexibility for future market trends,” Iman said in a prepared statement. “Macy’s Furniture Gallery has experienced success at this location, and we are confident they will continue under new ownership.”