7001 John F. Kennedy Blvd. in North Bergen — Courtesy: CBRE
By Joshua Burd
A developer has sold the site of a newly built 7-Eleven property in North Bergen for $2.6 million, in newly announced deal by CBRE.
In a news release, the brokerage team said it represented BSG Management Co. in the transaction at 7001 John F. Kennedy Blvd. It also procured the private buyer in the 1031 like-kind exchange, noting that the property is subject to a long-term, triple-net lease with 7-Eleven.
CBRE’s Karly Iacono and Patti AmecAngelo completed the assignment.
“In times of volatility, core retail real estate sees increased demand,” Iacono said. “Well-located real estate with long term leases and strong corporate guarantees, such as this investment, become a safe haven for exchange buyers looking to protect their principal for the long term. We were able secure aggressive pricing at a 4.85 percent cap rate in a rising interest rate environment and accepted an offer within just three days of bringing the property to market.”
The convenience store, located at the corner of 70th Street, spans 2,549 square feet sitting on one-quarter of an acre. CBRE added that 31,000 vehicles pass the site daily, while the property is just five miles outside Manhattan.
