CBRE Completes Sale Of Dollar General-Anchored Strip Center in Bridgeton, N.J.
SADDLE BROOK, N.J. (October 10, 2012) –CBRE, New Jersey’s largest commercial real estate brokerage firm, announced the firm represented the seller and procured the buyer in the sale of a 17,470-sq.-ft. strip center anchored by Dollar General at 1025 N. Pearl Street in Bridgeton, N.J. The NJ Private Capital Group (PCG) completed the $1.65-million transaction, which marks the fifth Dollar General location that PCG has sold for the seller.
Elli Klapper, of the NY Investment Properties team, and Charles Berger, of the NJ Private Capital Group, handled the assignment, working with Justin Marlowe, of the Philadelphia Metro Private Capital Group.
Originally built in 1968 and recently renovated, the 100%-occupied property has three tenants, 54 parking spaces and sits on 1.14 acres along a major retail corridor that features an average traffic count of over 15,200 cars daily.Within the last year, the owners completed a significant renovation that included new HVAC units and resealing/restriping of the parking lot.
“This was a rare opportunity for an investor to obtain an upgraded retail center with a strong tenant base and demographics in an area that includes a Wal-Mart and three grocery-anchored shopping centers and has consistently experienced vacancy rates below 10%,” said Mr. Berger. “Dollar General is in the space on a NNN basis through October 2021 and there is no tenant rollover through 2016 with Dollar General accounting for 64% of total rental income. It’s poised to provide a tremendous return on investment.”
CBRE’s Private Capital Group is part of the Capital Markets team and provides services to private real estate investors’ highly specialized investment requirements. With over 85 teams specializing in and dedicated to more than 54 markets across the United States, the Private Capital Group represents private investors in marketing and trading assets uniquely suited to the private capital arena. The group offers acquisition and disposition services, asset review and financial analysis and investment strategy development and due diligence support.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.