By Joshua Burd
A developer has reaped more than $37 million from the sale of a Walmart ground lease within a sprawling retail and light industrial complex in Teterboro, its broker announced Tuesday.
The firm, Hanley Investment Group Real Estate Advisors, said it represented Catellus Development Group in the nearly $37.5 million sale at Teterboro Landing. A private 1031 exchange buyer from Dallas acquired the single-tenant, 159,542-square-foot building, which was built in 2015 and sits on 14.39 acres at the nexus of routes 17 and 46.
“This sale represented a rare opportunity to purchase a new single-tenant, triple-net Walmart with stable income stream with increases,” said Ed Hanley, president of Hanley Investment Group, later adding: “Walmart has premium visibility along Route 46 with their building as well six highly visible pylon signs.”
In addition to Walmart, Teterboro Landing is 100 percent occupied with tenants such as Costco, Chipotle Mexican Grill, BJ’s Restaurant & Brewhouse, Texas Roadhouse, Panera and others. Hanley also touted the site’s visibility and easy access from routes 17 and 46 and its proximity to interstates 80 and 95.
“This is an extremely dense market with no available land and rapidly rising land costs, which create extremely high barriers to entry for future development,” Hanley said. “Teterboro Landing took eight years of approvals, planning and development, including $4 million of off-site Department of Transportation improvements.
“This is definitely a trophy property and we expect high-quality properties like this will continue to attract investors who are willing to pay top dollar.”
