Royal Farms convenience store and gas station in Bellmawr recently traded for $6.48 million as part of a 1031 exchange, brokerage CBRE announced.
The firm’s Matthew Gorman and Michael Shover represented the seller in the transaction while CBRE’s Stephen Schrenk procured the buyer, Hammonton 1.
“Royal Farms is making an aggressive push into Southeastern Pennsylvania and New Jersey, going head-to- head with established competitors,” Shover said. “They have been on our radar for some time and we’re excited to see the finished product finally coming to market as they’re some of the most sought-after assets on the market, and for good reason.”
The property, located at 12 South Black Horse Pike in Bellmawr, sold for $6.483 million. The store is set to open this month and will be the first location for Batimore-based Royal Farms in New Jersey.
“We anticipate that as Royal Farms’ brand continues to grow and as more stores open for business, we will continue to see a downward trend in their sold cap rates in comparison to their competitors,” Gorman said.
In Saddle Brook, CBRE arranged a 37,000-square-foot lease for Rising Pharmaceuticals, who is relocating its global headquarters to Plaza I of Park 80 West.
CBRE’s Cheryl Hardt and Donald Sperling worked as the exclusive leasing agents for Par 80 West. Cushman & Wakefield’s Ben Brenner and Todd Efland represented the pharmaceutical firm in the transaction.
“We’re thrilled that Rising Pharmaceuticals has selected Park 80 West as its global headquarters, following its extensive multimarket search,” said Mark Zikakis, senior managing director of CBRE Global Investors. “This world-class company’s commitment to Park 80 West is a testament to the community that we’ve created here since re-introducing the property to the Northern New Jersey market. Our team has worked hard to create a truly cutting-edge environment that helps our tenants attract and retain great talent.”
CBRE Global Investors is a sponsor of CBRE Strategic Partners US Value 7, a fund currently owns the property. Global Investors recently completed a $11 million capital improvement program at Park 80 West across 511,600 square feet.
“CBRE Global Investors has demonstrated its commitment to maintaining Park 80 West’s status as a world-class office facility and, as a result, we’re seeing strengthened tenant commitment to the property,” Hardt said. “We’re excited to have Rising Pharmaceuticals join the Park 80 West community, and we expect to see continued tenant interest.”
The property offers immediate access to several retail hubs and is located near Interstate 80 and the Garden State Parkway. Park 80 West is located 25 minutes from Manhattan and Newark Liberty Airport.