TRENTON-CB Richard Ellis has arranged the sale of the 10,000-square-foot freestanding retail property at 1242 Hamilton Ave. here. The purchase price was not confirmed, but the building was listed in April for $1.1 million--or $113.78 per square foot--at an 8% cap rate on LoopNet.

"In this transaction, we were able to utilize our firm's vast array of resources and tools to identify a buyer that was looking for a stable net lease investment in New Jersey, which is in high demand right now. We were able to procure one of the most aggressive cap rates for a Dollar General store in the country, which included a double net 10-year lease in place with two five-year options," said Charles Berger of CBRE’s New Jersey Private Capital Group in Saddle Brook in a prepared statement. "We are so pleased to be able to collaborate with our Outer Borough Long Island Office in order to successfully complete this sale and, due to the success of this transaction, we are now marketing another Dollar General in New Jersey."

Built in 1960, the building is 100% leased by Dollar General; previously, it had been occupied by Rite-Aid. It was completely renovated in 2010 to accommodate Dollar General, whose lease is for a 10-year primary term, with two five-year options. Rent began in January 2011 at $87,000 annually.