November 20, 2020
Newmark arranged the sale of an off-market Home Depot for $34 million. The single-tenant, 120,000-square-foot ground-leased building at 75 McLean Blvd. in Paterson, NJ.
The firm’s Irvine, CA-based Matt Berres and Samer Khalil cooperated with colleague Steven Schultz to represent the seller, a private family office. The undisclosed, institutional buyer was represented by an outside firm.
“We have continued to see properties with investment grade tenants and long-term triple-net leases in attractive locations command premium pricing in line with, or exceeding, pre-pandemic levels due to the dearth of inventory available,” said Berres. He added that the property was among the few Home Depots “to trade north of $30 million in the past five years nationally.”
Khalil added, “With the tenant owning most of its real estate, the pricing and deal terms were reflective of the rare and attractive opportunity to acquire a long-term net-leased Home Depot in an excellent location.”
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