August 7, 2019
CBRE arranged the $53-million sale of a 132,003-square-foot Home Depot at 99 Rte. 17 N. in Lodi, NJ. The firm’s Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer represented the owner in the sale. The property was acquired as part of a 1031 exchange.
The property is situated on the highly-trafficked intersection of Route 17 and Interstate 80 within the Paramus/Route 17 market, one of the primary retail corridors in the U.S. The Home Depot, following 20 years at this site, recently exercised its first 10-year renewal option and will remain through at least 2029.
“The property’s credit tenancy, stable cash flow with attractive rent increases and additional development potential was a perfect fit for the purchaser’s 1031 exchange,” said Dunne. The property provided a unique opportunity to purchase 12 acres fronting Route 17 in one of the densest and most renowned retail markets in the country.”
For comments, questions or concerns, please contact Paul Bubny