228 Route 22 in Green Brook — Courtesy: Marcus & Millichap
By Joshua Burd
An auto repair business has sold and leased back a nearly 12,000-square-foot industrial property in Green Brook, brokers with Marcus & Millichap announced last week.
The buyer, an investor listed as Green Brook Property LLC, paid $3.05 million for the facility at 228 Route 22, according to a news release. Marcus & Millichap’s Mark Gjonbalaj, Alan Cafiero and Giacomo Fiorenza represented the seller, RSW Auto Group, and procured the buyer in the all-cash deal, noting that the 11,607-square-foot building has been fully renovated with modern amenities and includes 16-foot ceilings, one drive-in door and 28 parking spaces.
As part of the sale-leaseback agreement, RSW Auto Group will continue to operate at the site under a new 15-year absolute triple-net lease.
“This was a stable investment opportunity in a prime location that generated strong interest from the market,” said Gjonbalaj, a managing director for investments. “The buyer was pleased to secure a long-term asset with a brand-new 10-year lease commencing at closing, while the seller was equally satisfied, leveraging the liquidity from this transaction to support their expansion into new locations.”
The facility, which sits on 5.5 acres, is surrounded by national retailers including Walgreens, TD Bank, Dunkin’ and Taco Bell, Marcus said. The firm added that interstates 78 and 287 and Route 28 are nearby, offering strong regional access.
