New Jersey Home Depot building trades for $16.4M
JLL Capital Markets arranged the sale of the single-tenant, triple-net-leased property, demonstrating the strength of net lease assets with strong credit tenancy
MORRISTOWN, N.J., Feb. 11, 2021 – JLL Capital Markets announced today that it has closed the $16.4 million sale of a 128,715-square-foot, single-tenant retail building triple net leased to The Home Depot on a long-term basis in the Northern New Jersey community of Bloomfield.
JLL marketed the property on behalf of the seller, Acadia Realty Trust. Benderson Development purchased the assets.
JLL Research found that net lease assets captured nearly a fifth of all commercial real estate investment activity in the second and third quarters of 2020, doubling the average over the last cycle. The retail sector saw the most pronounced shift to net lease, as investors targeted new investment on tenants deemed essential – like The Home Depot – in the wake of the pandemic.
Completed in 1997, The Home Depot (NYSE: HD) has occupied this property since 1994. The Home Depot (NYSE: HD) is the seventh largest retailer in the world. Home improvement stores were deemed “essential businesses” that were permitted to stay open during the COVID-19 stay-at-home orders, and sales have soared for Home Depot and nearly doubled in 26 states. Additionally, sales at this high-performing Home Depot are helped due to limited local competition.
The property is situated on more than 11 acres at 60 Orange St. in Bloomfield, a suburban New York community, at a highly visible location adjacent to the Garden State Parkway and within five miles of Interstates 280, 78 and 95. Approximately 357,000 residents live within a five-mile radius of the property.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz, Director J.B. Bruno, Senior Managing Director Kevin O’Hearn, Senior Directors Michael Oliver and Steve Simonelli and Analyst Jordan Altman.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit acadiarealty.com.
About Benderson Development
Benderson Development is one of America’s largest privately held real estate companies. Founded in 1949 in Buffalo, New York, the company owns more than 750 properties totaling over 40 million square feet in 39 states. The diverse portfolio includes retail, office, industrial, hotel and residential properties. For more information, visit benderson.com.