Bussel Realty Corp. completes 1031 exchange transaction with N.C. property

Bussel Realty Corp. on Monday said it successfully completed a 1031 exchange by Central Avenue Corp. for $18.2 million, following the disposition of its 211,000-square-foot industrial complex in Bridgewater by BRC in late 2022.

Located at 3565 Martin Luther King Jr. Blvd. in New Bern, North Carolina, the property aligned with the company’s future strategic real estate, wealth preservation and tax objectives.

Vice President Anthony Rittwager and Director of Asset Services Matthew Phillips of the AI Group at Bussel Realty Corp. represented Central Avenue Corp., while Jeffrey Cicurel of Jones Lang LaSalle represented the seller, NC New Bern LLC.

The asset represents the acquisition of a trophy property situated on an 8.45-acre land lease with a 99,000-square-foot retail space leased to Harris Teeter, a subsidiary of Kroger. Rittwager and Phillips also represented Central Avenue Corp. in selling 550-558 Central Ave. in Bridgewater, for $37 million.

“Central Avenue Corp. relied on the AI Group’s resources to secure a premium 1031 replacement property after we optimized the disposition of their ±24 acre industrial warehouse complex in New Jersey,” Phillips noted.