CBRE on Tuesday announced the $8.27 million sale of nine properties totaling 81,999 square feet from the Youth Consultation Services (YCS) portfolio.
Three different buyers purchased the assets. One bought seven buildings as part of a sale-leaseback with YCS, while two other buyers purchased two buildings recently vacated by YCS in separate transactions.
The properties are located in Montclair, Hackensack, Newark, Somerdale, Gloucester, Estell-Manor, Vineland and Blackwood.
The CBRE Tri-State Investment Properties team of Charles Berger and Elli Klapper, along with Randy Eigen and Donald Sperling of Brokerage Services – whose relationship with YCS was critical to bringing this deal to fruition – represented the seller in the transaction and also procured the majority of the buyers.
“The properties, which are a mix of youth centers, residential facilities and schools, are all in prime locations and gave the buyers the ability to diversify,” said Berger, CBRE’s senior vice president.
YCS provides services to thousands of New Jersey families who have children with special needs, including individualized educational, mental health and/or behavioral health programming.