NEW BRUNSWICK, NJ-An undisclosed buyer has acquired 571 Jersey Ave., a 301,630-sf warehouse/distribution building here. The seller, 571 Jersey Ave. Urban Renewal LLC and M-571 Jersey Ave. Urban Renewal LLC,-- two entities controlled by the Morristown, NJ-based Hampshire Cos. --got $16.8 million for the asset, which factors out to $56 per sf.
The sellers were represented by Jeffrey Dunne, Steven Bardsley and Jeffrey Oram of CB Richard Ellis' New York Tri-State Investment Team, who also brought the buyer to the table. Built in 1987 and situated on an 18.5-acre site, 571 Jersey Ave. is triple-net leased to C&S Wholesale Grocers Inc., with a term of eight years remaining on the document. The tenant is the eighth-largest privately owned company in the US and handles distribution for Ahold, Pathmark and other supermarkets in New Jersey.
"This well-located, high-quality asset offers great cash flow stability from C&S Wholesale Grocers' long-term lease," Dunne says. "The new owners should fare very well in the long term with this investment."
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