CBRE GROUP, INC. ARRANGES SALE OF NEWLY CONSTRUCTED DOLLAR GENERAL STORE IN FRANKLIN TOWNSHIP, NJ
-Deal Closes on 2378 Delsea Drive-
FRANKLINVILLE, N.J. (June 3, 2014) – CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced that it had arranged the sale of 2378 Delsea Drive in Franklin Township, N.J., a 9,200-square-foot property net leased to Dollar General.
Charles Berger and Elli Klapper of CBRE’s Investment Properties Group served as the exclusive agents for the seller in the transaction, and procured the out-of-state buyer who offered an aggressive capitalization rate for the asset.
2378 Delsea Drive, which was newly constructed in 2013, is leased to Dollar General for a 10-year primary term with two five-year option periods. With a corporate guarantee from the tenant, this NN lease has a 10% increase at the commencement of each option period. Dollar General, a “BBB-“-rated publicly traded company, was recently upgraded to investment grade credit by Standard & Poor’s and added to the S&P 500.
“We’re seeing a strong demand for assets with investment grade tenants, like Dollar General, on long-term leases,” said Mr. Berger. “Our team has closed many similar net-leased transactions in the Tri-State area throughout recent months and is currently very active with both sellers and buyers in the net lease market.”
2378 Delsea Drive is ideally located on a 2.92-acre lot, leaving ample room for future development and on-site parking. The property also offers 212 feet of frontage, resulting in excellent visibility for the tenant, and a daily traffic count of more than 8,800. The building neighbors a U.S. Post Office, as well as a Wawa convenience store down the road.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.