NAI Hanson’s Gary Sauerborn Negotiates Sale to Bring CVS Pharmacy to Little Ferry, N.J.
Little Ferry, N.J. (February 20, 2018) – NAI James E. Hanson announces they have completed the sale of a vacant 41,000-square-foot warehouse at 200 Liberty Street in Little Ferry, N.J. The sale will enable CVS Pharmacy to construct a 15,655-square-foot store at the location. NAI Hanson’s Gary Sauerborn represented the seller, Liberty Street Realty in the transaction.
With over 9,700 retail locations throughout the United States, CVS Pharmacy is able to offer a wide range of medical services and products aimed at increasing access to quality care, delivering better health outcomes and lowering overall health care costs.
The redevelopment site at 200 Liberty Street features easy access to Bergen County’s dense residential areas with close proximity to Routes 17 and 46, Interstate 80 and the New Jersey Turnpike. Located in the heart of downtown Little Ferry at the intersection of Liberty Street and Redneck Road, the redevelopment site at 200 Liberty Street offered CVS the ideal combination of accessibility, visibility, and population density that CVS looks for in redevelopment opportunities.
“When marketing a property like this, it is important for the broker to think outside of the box in terms of future uses,” said Sauerborn. “Although the zoning and construction at this site made continued industrial tenancy seem like the most opportunistic usage, we recognized that the location and accessibility made for a perfect opportunity for a retail operator. This recognition enabled us to properly market the site and negotiate a deal a prime purchase price in line with fair market value for an asset of this type.”
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