Colliers International Completes a 20,164-Square-Feet Rite Aid Anchored Retail Center Sale at an 8.5% Cap Rate for a Total Value of $8.965 Million in Somerset, New Jersey
Somerset, NJ – May 3, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, has completed the sale of a 20,164-square-feet multi-tenant retail property located at 464 Elizabeth Ave. Somerset, NJ 08873 to a private regional developer. The transaction is valued at $8.965 million.
This retail center was built in 2009 and boasts strong national tenants such as Rite Aid and Dunkin Donuts and New Millennium Bank. Additionally, its location offers less than an hour’s drive from New York City and has experienced strong growth driven by Fortune 500 companies and Rutgers University. Colliers received a total of 10 offers on the property, the majority of which were high net worth investors living throughout the U.S. The sale closed at an 8.5% cap rate.
Ian Schroeder and Maurice Nieman, vice presidents, based in Colliers International’s Irvine office, represented both the buyer and seller by partnering with William Aiello and George Lulos, both senior vice presidents based in Colliers International’s Harrisburg, PA office.
“We sold this property for $35,000 less than the asking price, which is a testament to the shortage quality net leased assets in the market,” said Nieman. “Our job in a transaction such as this is to manage the process from start to finish.”
Nieman added that Colliers executed a very detailed up-front analysis of the property expenses, submarket, and tenants which supported its ability to generate a premium price for this asset.
“This was a quality asset in which we received multiple offers allowing us to drive up the price. We put our marketing process to work fully exposing this property to both investors and brokers which allowed us to achieve the highest possible price for our client,” said Schroeder.
Contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com
