Walmart ground lease sells for $37.5 million
Good retail space still commands a premium price, especially if that space holds a tenant named Walmart and is eight miles from Manhattan.
A private investors from Dallas paid $37.5 million for a rare single-tenant Walmart ground lease at the Teterboro Landing shopping center in Teterboro, N.J. The seller, Catellus Devlopment Corp. of Oakland, Calif., was represented in the transaction by Hanley Investment Group.
Built in 2015, the 159,542-sq.-ft. building is located on 14 acres at Teterboro Landing, which is 100% occupied. Tenants include Costco, Chipotle, Chick-fil-A, CityMD Urgent Care, European Wax Center, KicksUSA, and Petco.
“This sale represented a rare opportunity to purchase a new single-tenant, triple-net Walmart with stable income stream with increases,” said Hanley Investment president Ed Hanley.
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