Hanley Investment Arranges $38M Sale of NJ Walmart
- Nov 01, 2018
Hanley Investment Group Real Estate Advisors has closed the $37.5 million sale of a single-tenant Walmart ground lease at Teterboro Landing in Teterboro, N.J. The firm represented the seller, Catellus Development Corp. The buyer was a 1031 exchange private investor.
Located at 1 Teterboro Landing Drive, the 2015-built asset comprises 159,542 square feet and is situated on 14.4 acres. The shopping center is 100 percent occupied by major tenants including Costco, BJ’s Restaurant & Brewhouse, Chick-Fil-A, European Wax Center, Habit Burger Grill, Panera, Texas Roadhouse, T-Mobile, Chipotle Mexican Grill, Blaze Pizza, CityMD Urgent Care, GNC, KicksUSA, Petco and The Halal Guys.
President Ed Hanley represented the seller in the transaction. The buyer was self-represented.
“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,” said Hanley, in a prepared statement. “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.”
The Walmart is within close proximity to major thoroughfares including Route 17, Route 46 and interstates 80 and 95.
In September, Hanley Investment Group Real Estate Advisors represented AEGON USA Realty Advisors LLC in the $23 million sale of a Walgreens in Pasadena, Calif.
Image courtesy of Hanley Investment Group Real Estate Advisors