Home Depot recently exercised a 10-year lease renewal option at the property on Route 17 North in Lodi, NJ.
LODI, NJ—The Home Depot property on Route 17 North here has been sold as part of a 1031 exchange that facilitated the acquisition of 12 acres of land fronting Route 17.
CBRE reports that the 132,003-square-foot building under a long-term lease to Home Depot was sold in a 1031 exchange valued at $53 million.
Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners represented the owner in the sale. The buyer acquired the property as part of a 1031 exchange. CBRE did not identify the seller or the buyer in the transaction.
99 Route 17 North is a single-tenant retail building triple-net leased to The Home Depot through January 2029, providing long-term, stable income. The property is situated on the highly trafficked intersection of Route 17 (104,000 cars per day) and Route 80 (186,000 cars per day) within the Paramus/Route 17 market, one of the primary retail corridors in the country with more than 5 million square feet of retail within five miles of the property.
The Home Depot, following 20 years at this site, recently exercised its first 10-year renewal option, demonstrating its long-term commitment to the property, CBRE states.
“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,” CBRE’s Dunne says. “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.”
The sale of 99 Route 17 North follows on the heels of several other single-tenant net lease trades completed by CBRE’s Metro NY NRP team this year, including the $30-million sale of 99 Greenwich Ave., a long-term CVS property in Greenwich, CT; 245 Littleton Road (Route 202), a Stop & Shop center in Morris Plains, NJ that sold for $26.75 million; and a 20-year ShopRite center in Hudson, NY, which traded for $15.75 million.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
