493 Route 38 West in Maple Shade — Courtesy: Cushman & Wakefield
By Joshua Burd
An investment firm has acquired a Macy’s Furniture Gallery store in Burlington County, in a newly completed transaction by Cushman & Wakefield.
Brokers with the firm represented an undisclosed seller in the deal at 493 Route 38 West in Maple Shade, according to a news release. The buyer, Northbridge Partners, paid $9.85 million for the single-tenant property.
“This property offers a great opportunity for an investor to see immediate cash flow while maintaining flexibility for future market trends,” C&W’s Karen Iman said. “Macy’s Furniture Gallery has experienced success at this location and we are confident they will continue under new ownership.”
The investment sales team included Andy Merin, David Bernhaut, Andrew Schwartz, Iman, Jordan Sobel, Keith Braccia and Andre Balthazard. They noted that Macy’s Retail Holdings occupies the building on a triple-net, long-term basis, having recently executed a 10-year lease extension.
Sitting on 9.43 acres, the structure was originally built in 1991 for Hechinger, but Macy’s has occupied the building since 2001. The property is less than a half-mile from Route 73, which provides access to Interstate 295 and the New Jersey Turnpike.
