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CBRE arranges $26.75M Stop & Shop center sale.

Byline: Jessica Perry

CBRE announced it arranged the sale of a 67,449-square-foot Stop & Shop located at 245 Littleton Road in Morris Plains.

Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE's National Retail Partners represented the owner, JDA Development Co., in the sale and also procured the buyer, Oak Street Real Estate Capital, who acquired the property for $26.75 million.

Stop & Shop's lease, which runs through 2031, is guaranteed by Stop & Shop's parent company Ahold Delhaize, providing an investor with long-term, stable income and no landlord maintenance or management responsibilities.

The property is situated on intersection of Route 202 and Route 10, one of northern New Jersey's most successful retail corridors, CBRE said, with over two million square feet of retail within a five mile stretch of Route 10.

"The property provided a compelling opportunity for Oak Street to purchase a long-term, credit lease with a dominant grocer in Metro NY," Dunne commented. "The strong nearby demographics, highlighted by over 65,000 residents and average household incomes over $140,000 within three miles, support the high sales volumes at the property."

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Author:Perry, Jessica
Publication:NJ Biz
Article Type:Brief article
Geographic Code:1U2NJ
Date:Feb 14, 2019
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