99 Route 17 North in Lodi — Courtesy: CBRE
By Joshua Burd
An investor has acquired a 132,000-square-foot, triple-net-leased Home Depot property in Lodi for $53 million, under a newly completed transaction by CBRE.
Brokers with the firm represented the seller of the property at 99 Route 17 North, noting that the undisclosed buyer acquired the building as part of a 1031 exchange. Located near Interstate 80, the single-tenant property is leased to Home Depot through January 2029.
Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE’s National Retail Partners completed the transaction.
“The property’s credit tenancy, stable cash flow with attractive rent increases and additional development potential was a perfect fit for the purchaser’s 1031 exchange,” Dunne said. “The property provided a unique opportunity to purchase 12-acres fronting Route 17 in one of the densest and most renowned retail markets in the country.”
The Home Depot, following 20 years at the site, recently exercised its first 10-year renewal option, demonstrating a long-term commitment to the property, CBRE said in a news release Monday.