CBRE Sells Nine Properties Totalling $8M

On Sep 11, 2019

CBRE announced the $8.27 million sale of nine properties totaling 81,999 sq. ft. from the Youth Consultation Services (YCS) portfolio. The assets were purchased by three different buyers, one of whom bought seven buildings as part of a sale-leaseback with YCS, while two other buyers purchased two buildings that had been recently vacated by YCS in separate transactions.

The properties are located in Montclair, Hackensack, Newark, Somerdale, Gloucester, Estell-Manor, Vineland and Blackwood.

“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, Senior Vice President, CBRE. “The new owners of the net leased properties will be able to maintain a steady cash flow for the near future, with the possibility of development in the longer term, while the owners of the vacant assets will be repositioning them for alternative uses.”

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.

“We are also very proud to be helping a non-profit that services challenged youths. These were complex transactions and only through a great deal of determination, creativity and collaboration between the CBRE teams were we able to maximize value for our client,” Eigen added.

Having partnered successfully for over a decade on transactions in New Jersey and New York City’s outer boroughs, the CBRE Tri-State Investment Properties team specializes in mid-market transactions including industrial, multifamily, retail and office.

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