Cushman & Wakefield said Aug. 10 that it arranged the sale of the Macy’s Furniture Gallery Store for $9,850,000 to Northbridge Partners.
A Cushman & Wakefield team of Andy Merin, David Bernhaut, Andrew Schwartz, Karen Iman, Jordan Sobel, Keith Braccia and Andre Balthazard represented the seller in the transaction and procured the buyer.
“This property offers a great opportunity for an investor to see immediate cash flow while maintaining flexibility for future market trends,” said Iman. “Macy’s Furniture Gallery has experienced success at this location and we are confident they will continue under new ownership.”
Located at 493 Route 38 W., the 72,625-square-foot retail asset is a single-tenant, triple net, long-term lease property backed by Macy’s Retail Holdings. Situated on 9.43 acres, the parcel was originally built in 1991 for Hechinger, but Macy’s has occupied the building since 2001. The tenant recently executed a 10-year lease extension.
The property is located on Route 38 in Burlington County, one of the two main commuter highways to Center City Philadelphia. It is less than half of a mile from Route 73, which provides access to Interstate 295 and the New Jersey Turnpike. There are, on average, 56,515 cars that drive by daily and more than 240,000 people living within a 5-mile radius.