NJ/PA — CBRE announced that its Mid-Atlantic Net Lease Property team closed a 10-property corporate sale-leaseback of Auto Lenders’ owned real estate in Pennsylvania and New Jersey. W.P. Carey, a NYC-based real estate investment trust firm, acquired the assets for $55 million. The acquisition is made up of seven auto dealerships, a centralized vehicle conditioning center and two office facilities totaling 170,000 s/f, net leased to Auto Lenders.
The properties comprise the entirety of Auto Lenders’ corporately owned operating footprint, including dealerships, servicing centers and company headquarters. The dealerships are all located in primary submarkets across New Jersey and Pennsylvania and are subject to a newly negotiated lease.
CBRE team members Thomas Finnegan, Matthew Gorman, and Michael Shover represented Auto Lenders in the marketing and sale of the portfolio and also procured the successful buyer.
“We were able to generate tremendous institutional interest in the Auto Lenders’ portfolio,” said Finnegan. “Since the onset of the COVID-19 pandemic, one-owner, off-lease vehicles like those offered by Auto Lenders have seen a major boom in demand. As a result, the portfolio offered a rare blend of high-quality real estate, tied to a proven operator of 30+ years, that not only survived the latest economic downturn, but continued to thrive,” he added.
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