Saddle Brook, N.J. -- CBRE Group, Inc., New Jersey’s largest commercial real estate firm, announced that it completed the sale of 1406 N. High Street in Millville, N.J. Dollar General occupies the 8,640-sq.-ft. building under a long-term lease.
Elli Klapper of CBRE’s NY Private Capital Group, and Charles Berger of CBRE’s NJ Private Capital Group (PCG), completed the $1.36-million transaction on behalf of the seller.
The building, which was constructed in 1994 and renovated in 2012, sits on a 1.05-acre tract of land. The site is located in a densely populated residential and retail area and just one block from Route 47, near Routes 49 and 55 and the Millville Airport.
“With so few triple net lease properties on the market, investors are being much more aggressive with double net leased assets in optimal locations,” said Mr. Klapper. “These properties typically offer better returns while still providing minimal risk with corporate guaranties in place and have minimal maintenance requirements. It’s an advantageous situation for a buyer who can also see the tremendous value in having the Dollar General chain as a tenant.”
CBRE’s Private Capital Group is part of the Capital Markets team and provides services to private real estate investors’ highly specialized investment requirements. With over 85 teams specializing in and dedicated to more than 54 markets across the United States, the Private Capital Group represents private investors in marketing and trading assets uniquely suited to the private capital arena. The group offers acquisition and disposition services, asset review and financial analysis and investment strategy and due diligence support.