CBRE on Monday announced it completed a $2.6 million sale of 7001 John F. Kennedy Blvd. in North Bergen, subject to a long term triple-net lease with 7-Eleven. A private 1031 exchange buyer acquired the newly built property from the developer, BSG Management Co.
CBRE’s Karly Iacono and Patti AmecAngelo represented the seller in the transaction and also secured the buyer.
“In times of volatility, core retail real estate sees increased demand,” Iacono said. “Well-located real estate with long-term leases and strong corporate guarantees, such as this investment, become a safe haven for exchange buyers looking to protect their principal for the long term. We were able secure aggressive pricing at a 4.85% cap rate in a rising interest rate environment and accepted an offer within just three days of bringing the property to market.”
Located at the corner of John F. Kennedy Boulevard and 70th Street in North Bergen, the 2,549-square-foot property sits on 0.25 acres with excellent access and visibility for the 31,000-plus vehicles traveling by daily. The property is located just five miles outside of Manhattan.