6003 Bergenline Ave. in West New York — Courtesy: Marcus & Millichap
By Joshua Burd
Two net leased fast food properties in Hudson County have new owners, following separate deals announced Tuesday by Marcus & Millichap.
The deals include the site of a planned 15,000-square-foot Popeyes store at 8701 Tonnelle Ave. in North Bergen, which traded for nearly $2.7 million. The other, a 3,400-square-foot Checkers property at 6003 Bergenline Ave. in West New York, sold for $1.78 million.
In the former, Marcus & Millichap represented both the buyer and the seller, an undisclosed developer. Brian C. Hosey, regional manager of the firm’s New Jersey office, said the Popeyes store is under construction and is set to open its doors later this year.
Karly Iacono and Mike Stigliano, associate investment specialists in Marcus & Millichap’s New Jersey office, marketed the property exclusively. Stigliano said the firm “procured multiple offers at and above ask price” soon after taking on the assignment, giving way to the $2.67 million sale.
“Supply of quality net leased assets is very low in the metro New York area,” Stigliano said in a prepared statement. “This is keeping demand high and maintaining the downward pressure on cap rates in the local market.”
The firm also represented the seller, an unnamed private investor, in the West New York deal, Hosey said. Vice President of Investments Greg Babaian, Vice President of Investments Michael Lombardi and Associate Alexander Pildes had the exclusive listing to market the property.
The property was recently redeveloped into Checkers.
“Bergenline Avenue continues to get a lot of interest from investors,” Lombardi said.
The firm also said Tuesday that its New Jersey-based brokers arranged the sale of a 3,800-square-foot ground lease for a Burger King in Tampa Florida. Iacono and fellow associate John Sala, along with broker Kirk Felici, handled the nearly $1.8 million deal at the northwest corner of Staley Drive and East Hillsborough Avenue.
The buyer is a private investor taking part in a 1031 exchange.
“Quality net-leased properties offering solid guarantors and strong underlying real estate fundamentals are hard to come by,” Iacono said. “The buyer was pleased that we were able to find them the mix of return and long term stability that they were looking for.”