A joint venture has sold a ground lease for the site of a four-year-old Walmart in Linden, in a newly announced deal by SRS Real Estate Partners.
Located at 1050 West Edgar Road, the 185,682-square-foot store anchors the 47-acre retail property known as Legacy Square. It also has a corporate-guaranteed lease in place with 17 years remaining, brokers said, serving a trade area with more than 460,000 residents and 160,000 employees within a five-mile radius.
SRS managing principals Matthew Mousavi and Patrick Luther, Managing Director Britt Raymond and Senior Vice President Kyle Fant represented the sellers, Dallas-based developer Cypress Equities and San Francisco-based investment firm Stockbridge Capital Group. David Chasin of Pegasus Investments Real Estate Advisory represented the buyer, a partnership of several individuals in a large 1031 exchange.
“The Walmart sale is part of a larger break-up strategy for eight parcels of Legacy Square, which when completed will be valued in excess of $86.5 million,” Mousavi said. “Within the past few months we executed the sale of the Taco Bell outparcel as well as the Chick-fil-A, to separate buyers. Additionally, the Panera, Starbucks, AFC Urgent Care/Aspen Dental properties are under contract, and we are also marketing the Wawa and Freddy’s Frozen Custard & Steakburgers, the remaining two available outparcels within Legacy Square.
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