CBRE arranged the sale of a 14,688-square-foot stand-alone, single-tenant property in Bridgewater to California-based Heritage San Leandro LP for $10.9 million, according to a Tuesday announcement from the broker.
Karly Iacono, a senior vice president in CBRE’s Capital Markets Investment Properties group, represented the seller, a private client, in the transaction.
Located at 440 Union Ave., the CVS-occupied property was attractive to buyers. CBRE was able to maximize proceeds for the seller and obtain a 4.2% capitalization rate.
“The economic volatility in the U.S. is continuing to support buyer demand for stable investment-grade net lease assets with long-term leases,” Iacono stated. “We were pleased to achieve very aggressive pricing on behalf of the seller, closing at 99% of the list price.”