Northmarq, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of Franklin Towne Center located at 3391 NJ-27 in Franklin Park, New Jersey. The 138,000-square-foot shopping center is master leased to Stop & Shop, one of the northeast region’s largest supermarkets. Isaiah Harf of Northmarq represented the seller, a New York-based developer. The buyer was an investment firm based in New Jersey, and they acquired the center for $56.0 million.
“This asset is going to pay roughly $37 million in net rent over the next nine years of lease term from an institutional-quality tenant in Ahold, recouping more than 65 percent of the purchase price in rent, alone,” said Harf, Regional Director and Partner in Northmarq’s Chicago, Illinois office. “Given the amount of land located on Route 27, coupled with the guaranteed rental income stream, this made it an attractive buy to the marketplace. We received more than seven offers on the asset.”
The shopping center was built in 1990 and is situated on 14 acres positioned at the highly trafficked intersection of Route 27 and South Middlebush Road. The property has high visibility and access to Franklin Park’s surrounding neighborhoods, as well as Princeton and New Brunswick, which are two major employment hubs.