The retail property at the corner of Union and Finderne avenues in Bridgewater — home to CVS — has a new owner.
CBRE announced arranging the sale of the 14,688-square-foot, stand-alone, single-tenant property located at 440 Union. Ave. to California-based Heritage San Leandro LP on June 21.
The purchase price for the CVS-occupied site was $10.9 million, according to CBRE.
The seller, a private client, was represented by Senior Vice President Karly Iacono of the CBRE Capital Markets Investment Properties Group.
Even with a flat lease term in place until 2050, CBRE said it was able to maximize proceeds for the seller and obtain a 4.2% capitalization rate. The buyer, the firm said, was attracted to the existing long-term lease at the site with an investment grade credit tenant.
“The economic volatility in the U.S. is continuing to support buyer demand for stable investment grade net lease assets with long-term leases,” said Iacono. “We were pleased to achieve very aggressive pricing on behalf of the seller, closing at 99% of the list price.”