CBRE GROUP INC. ARRANGES SALE OF TURNTABLE JUNCTION AND FULPER CENTER IN FLEMINGTON, NJ, FOR $3 MILLION
Flemington, N.J. (February 19, 2015) – CBRE Group, Inc. announced that it has arranged the sale of Turntable Junction & Fulper Center in Flemington, New Jersey, for approximately $3 million. The 5.3-acre property is a mixed-use retail and multifamily center that is near full occupancy.
Charles Berger of CBRE Capital Markets’ Investment Properties team in New Jersey and Elli Klapper of CBRE Capital Markets’ Investment Properties team in New York served as the exclusive agents for the seller in the transaction while James Gunning, Donna Falzarano and Evan Kleppe of CBRE Capital Markets’ Debt & Structured Finance team secured the financing for the deal. The new owner plans to hold the property for investment purposes with the possibility for redevelopment in the future.
The CBRE team was able to secure aggressive pricing for the seller – heirs to an estate where the property had been in the same family for decades – from an out-of-state buyer.
“This was a highly complex transaction due to the numerous residential and retail tenants involved,” said Mr. Berger. “The buyer has a significant upside with the existing property and a compelling opportunity to improve upon the building’s efficiency and potentially redevelop it down the road.”
Turntable Junction & Fulper Center is a part of Flemington’s Business Improvement District and offers a variety of specialty shops and restaurants in the immediate vicinity. It is also located directly across the street from the Liberty Village Premium Outlets mall. Located in the heart of Flemington, the property provides convenient access to major roadways, including Route 202.
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.