Home Depot at 60 Orange St. in Bloomfield — Courtesy: JLL
By Joshua Burd
A net leased Home Depot property in Essex County is on the market for sale, in a newly announced offering by JLL’s New Jersey capital markets team.
Brokers with the firm say the 11-acre site, located at 60 Orange St. in Bloomfield, is home to a 128,715-square-foot store adjacent to the Garden State Parkway. The home improvement giant operates there under a triple net lease with 12 years of remaining term, contractual rent increases and multiple renewal options.
The property is expected to draw offers around $16 million.
“As the nation’s largest retailer of home improvement and construction products, Home Depot is an essential, e-commerce resistant use,” JLL wrote in its offering materials. “Home Depot’s long-term lease offers a durable, investment grade income stream with upside and strong cash-on-cash returns.
“The offering presents a rare opportunity to acquire a long-term (triple-net leased), cash-flowing investment with outstanding tenant profile in a densely populated and highly sought-after submarket.”
The brokerage team noted that Home Depot has occupied the property for more than 20 years and has limited competition, given that Lowe’s does not have a store in Essex County. The site is within five miles of Interstates 280, 78 and 95 and surrounded by some 357,000 residents within a three-mile radius.
JLL’s Jose Cruz, J.B. Bruno, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Jordan Altman are leading the marketing team, with Matthew Pizzolaoto serving as the contact for financing.
