Long-term Credit Lease, Strong Demographics Highlight Investment Opportunity
A 19,700-square-foot TD Bank branch building in Ramsey has come online for sale, Cushman & Wakefield announced this week. As exclusive agent, the commercial real estate services firm’s Metropolitan Area Capital Markets Group is marketing the property at 1100 Lake Street.
Located just off Route 17 North, which boasts a daily traffic count of 100,000 vehicles, the TD Bank branch is one of Bergen County’s most active banking locations (with $300 million in deposits as of June 2016). TD Bank has occupied the site for 20 years and recently renewed its long-term, triple-net lease.
“This property sits in the heart of one of the most affluent and densely populated locations in New Jersey,” noted Cushman & Wakefield’s Andrew Merin, who is heading the assignment with David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz and Ryan Larkin. “The three-mile trade area boasts a population of 61,500, an average household income of more than $170,000 and an average home value exceeding $650,000. Simply put, this is an outstanding investment opportunity.”
The Route 17 corridor features abundant restaurants, fitness centers, grocery stores, office buildings, high schools, car dealerships and shopping centers. “The local economy is thriving,” Schwartz said. “Bergen County houses 43 million square feet of retail space. Within it, the Route 17 North corridor achieves the highest retail rents in Northern New Jersey. Tenants there serve some of the wealthiest townships in the state, including Ramsey, Mahwah, Upper Saddle River, Saddle River and Allendale, among others.”
Based in East Rutherford, N.J., the Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily, land and retail properties throughout New Jersey, New York, and Fairfield County, Connecticut. The team has completed more than $25 billion worth of transactions since 2000, closing over $3.2 billion in sales in 2016.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWakeon Twitter.
