October 31, 2018
Hanley Investment Group Real Estate Advisors has completed the sale of a rare single-tenant Walmart ground lease at Teterboro Landing in Teterboro, NJ. The purchase price was approximately $37.5 million.
Hanley Investment Group President Ed Hanley represented the seller, Catellus Development Corporation of Oakland, CA. The buyer, a 1031 exchange private investor from Dallas, Texas, was self-represented.
“This sale represented a rare opportunity to purchase a new single-tenant, triple-net Walmart with stable income stream with increases,” said Hanley.
Built in 2015, the single-tenant 159,542-square-foot building is located on 14.39 acres at 1 Teterboro Landing Dr. The remainder of the Teterboro Landing shopping center is 100% occupied, with a tenant roster that includes Costco, Chipotle Mexican Grill, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chick-fil-A, CityMD Urgent Care, European Wax Center, GNC, Habit Burger Grill, KicksUSA, Panera, Petco, Texas Roadhouse, The Halal Guys and T-Mobile.
For comments, questions or concerns, please contact Paul Bubny