CBRE FAMECO SUCCESSFULLY COMPLETES RETAIL SALE TRANSACTION OF FORMER 6TH AVENUE ELECTRONICS SHOWROOM AND CORPORATE OFFICE IN SPRINGFIELD, NJ
Buyer to Convert 22 Route 22 Property into Metro Self Storage Facility
SPRINGFIELD, N.J. (February 24, 2015) – CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm, announced today that its CBRE FAMECO retail division has completed the sale of the former 6th Avenue Electronics store, corporate office and warehouse facility at 22 Route 22 in Springfield, N.J.
Steven Winters, of CBRE FAMECO, represented the seller in the transaction, and Ed Horne, of HK Commercial Realty Advisors, LLC, represented the buyer. The new owner will be converting the property into a Metro Self Storage facility, one of the nation’s largest self storage providers.
“This transaction offered the seller an ideal opportunity to efficiently dispose of its Route 22 location, providing the buyer with a facility that could be conveniently repositioned to accommodate its operations,” said Mr. Winters. “In addition, the building’s location in a major trade area on a key New Jersey roadway facilitated the buyer’s interest.”
The 70,040-square-foot property will be converted into 85,000 sq. ft. of climate-controlled self storage and will be one of the few modern storage facilities constructed in the region over the past decade. The property contains state of the art security, two sets of elevators, four drive-in loading bays and a large office component.
CBRE FAMECO, which was formed when CBRE acquired Fameco Real Estate, LP in 2013, specializes in the shopping industry and retail real estate services using CBRE’s global real estate platform. CBRE FAMECO’s services focus on retailer representation, owner representation, asset and property management and investment sales. The group has more than 100 professionals in four offices throughout northern New Jersey and the Philadelphia region.
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 and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 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 website at www.cbre.com.