CBRE announced today that its Mid-Atlantic Net Lease Property team closed a 10-property corporate sale-leaseback of Auto Lenders’ owned real estate in Pennsylvania and New Jersey. W.P. Carey, a NYC-based real estate investment trust firm, acquired the assets for approximately $55 million.The acquisition is made up of seven auto dealerships, a centralized vehicle conditioning center and two office facilities totaling 170,000 square feet, net leased to Auto Lenders.
The properties comprise the entirety of Auto Lenders’ corporately owned operating footprint, including dealerships, servicing centers and company headquarters. The dealerships are all located in primary sub markets across New Jersey and Pennsylvania and are subject to a newly negotiated lease. Auto Lenders has a unique and successful business model that has realized consistent growth over the years, including 2020 and the most recent downturn caused by the COVID-19 pandemic.
CBRE team members Thomas Finnegan, Matthew Gorman, and Michael Shover exclusively represented Auto Lenders in the marketing and sale of the portfolio and also procured the successful buyer.
“We were able to generate tremendous institutional interest in the Auto Lenders’ portfolio,” said Finnegan. “Since the onset of the COVID-19 pandemic, one-owner, off-lease vehicles like those offered by Auto Lenders have seen a major boom in demand. As a result, the portfolio offered a rare blend of high-quality real estate, tied to a proven operator of 30+ years, that not only survived the latest economic downturn, but continued to thrive,” he added.
“Successfully executing on a complicated corporate sale leaseback transaction on behalf of our client, especially during these different and difficult times, is an outstanding result,” said Gorman.
“Fifteen plus years of tracking, understanding and helping our client’s navigate current and future market changes has been a cornerstone of our team’s value proposition and expertise,”added Shover.
The 10-property portfolio includes: Auto Lenders of Princeton, NJ; Auto Lenders of Lakewood, NJ; Auto Lenders of Toms River, NJ; Auto Lenders of Exton, PA; Auto Lenders of Voorhees, NJ; Auto Lenders of Egg Harbor Township, NJ; Auto Lenders of Williams town, NJ; Auto Lenders Corporate Office, Berlin, NJ; ALGO Corporate Headquarters, Berlin, NJ; and CAL Automotive, Yardville, NJ.
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 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
