JLL Capital Markets has closed the $16.4 million sale of a 128,715 s/f, single-tenant retail building triple net leased to The Home Depot on a long-term basis in the Northern New Jersey community of Bloomfield.
JLL Research found that net lease assets captured nearly a fifth of all commercial real estate investment activity in the second and third quarters of 2020, doubling the average over the last cycle.
The retail sector saw the most pronounced shift to net lease, as investors targeted new investment on tenants deemed essential – like The Home Depot – in the wake of the pandemic.
Completed in 1997, The Home Depot has occupied this property since 1994. The Home Depot is the seventh largest retailer in the world. It stores were deemed “essential businesses” and permitted to stay open during the COVID-19 stay-at-home orders, and sales have nearly doubled in 26 states. Additionally, sales at this high-performing Home Depot are helped due to limited local competition.
The property is situated on more than 11 acres at 60 Orange St. in Bloomfield, a suburban New York community adjacent to the Garden State Parkway and within five miles of Interstates 280, 78 and 95. Approximately 357,000 residents live within a five-mile radius of the property.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz, Director J.B. Bruno, Senior Managing Director Kevin O’Hearn, Senior Directors Michael Oliver and Steve Simonelli and Analyst Jordan Altman.
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