Commercial real estate brokerage Marcus & Millichap announced June 27 the sale-leaseback of an 11,607-square-foot industrial property in Green Brook Township for $3,050,000.
The one-story building, located at 228 Route 22, is on a 5.5-acre parcel. Built in 1953, the property has been fully renovated with modern amenities and includes 16-foot ceilings, one drive-in door and 28 parking spaces. The site is near Interstates 78 and 287 and Route 28 nearby, offering strong regional access.
Mark Gjonbalaj, Alan Cafiero and Giacomo Fiorenza, investment specialists in Marcus & Millichap’s New Jersey office, exclusively marketed the property on behalf of the seller, RSW Auto Group, and procured the buyer, Green Brook Property LLC. The deal was an all-cash transaction.
As part of the sale-leaseback agreement, RSW Auto Group will continue to operate at the site under a new 15-year absolute triple-net lease. A triple-net lease is a lease agreement on a property in which the tenant promises to pay all expenses, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
“This was a stable investment opportunity in a prime location that generated strong interest from the market,” said Gjonbalaj, managing director investments. “The buyer was pleased to secure a long-term asset with a brand-new 10-year lease commencing at closing, while the seller was equally satisfied, leveraging the liquidity from this transaction to support their expansion into new locations.”
