440 Union Ave. in Bridgewater — Courtesy: CBRE
By Tina Traster
CBRE has negotiated the sale of a 14,688-square-foot, single-tenant CVS property in Bridgewater to California-based Heritage San Leandro LP for $10.9 million.
Karly Iacono, a senior vice president with CBRE, represented a private client in the trade of the standalone property at 440 Union Ave. She noted that, although the lease term runs through 2050 without increases, the selling price was based on a 4.2 percent capitalization rate.
“The economic volatility in the U.S. is continuing to support buyer demand for stable investment grade net-lease assets with long-term leases,” Iacono said. “We were pleased to achieve very aggressive pricing on behalf of the seller, closing at 99 percent of the list price.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.