Recently Renovated, Fully Occupied TripleNet Leased Flex/Warehouse Asset Sold to Out-of-Town Buyer in 1031 Exchange
CBRE announced today the sale of a single-story, 13,000 sq. ft. fully leased flex/warehouse property located at 29 King George Road in Green Brook, New Jersey for $2,225,025.
The CBRE Capital Marketsteam comprised of Charles Berger, Elli Klapper and Mark Silverman,along withCBRE’s Mindy Lissner and Bill Waxman,represented the seller, My Three Roses, in the sale.
Marketed during the peak of the pandemic, 29 King George Road represented a rare single-tenant NNN sale-leaseback opportunity with a credit-worthy tenant requiring practically zero landlord responsibilities. The asset drew significant interest from a wide range of investors and CBRE was able to secure an out-of-town buyer with an immediate 1031 exchange requirement. This transaction involved coinciding lease negotiations, adding additional complexity to the deal.
“Industrial transactions have been holding steady during the COVID-19 pandemic,” said Mr. Silverman, noting that the CBRE team has closed more than two dozen industrial sales this year alone. “The 1031 exchange buyer and outstanding in-place tenantled to a very short-term marketing program and quick closing, further highlighting the strength of the industrial market in the region.”
The tenant, C-K Control Temp, is a subsidiary of BRAVO! Group Services, one of the largestprivately held facility support companies in the country, providing managed services to more than 105 million sq. ft. of properties in 17 states.
The recently renovated property, which spans 3.9 acres, is adjacent to Route 22 with close proximity to I-287, Route 78 and the New Jersey Turnpike. Green Brook is in Somerset Countyat the hub ofCentral New Jersey, where vacancy rates for similar industrial product is as low as 6.5 percent, according to CBRE Research.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
