CBRE announced Monday it had arranged the $53 million sale of a 132,003-square-foot property containing a Home Depot in Lodi.
Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner in the sale. The buyer acquired the property as part of a 1031 exchange, CBRE said.
The property, located at 99 Route 17 North, is a single-tenant retail building triple-net leased to The Home Depot through January 2029. It is situated on the highly-trafficked intersection of Route 17 and Route 80 within the Paramus/Route 17 market.
“The property’s credit tenancy, stable cash flow with attractive rent increases and additional development potential was a perfect fit for the purchaser’s 1031 exchange. The property provided a unique opportunity to purchase 12-acres fronting Route 17 in one of the densest and most renowned retail markets in the country,” Dunne said.
The sale follows on the heels of several other single-tenant net lease trades completed by CBRE this year, including:
- The $30 million sale of a CVS property in Greenwich, Connecticut;
- The $26.75 million sale of a Stop & Shop center located at 245 Littleton Road (Route 202) in Morris Plains;
- The $15.75 million sale of a ShopRite center in Hudson, New York.
