Cypress Equities and Stockbridge Capital Group have sold a ground lease of Legacy Square in Linden, NJ., to a partnership of several individuals in a 1031 exchange. The property, situated on 14.02 acres, was built in 2019 and has a corporate-guaranteed lease in place with 17 years remaining.  

Walmart serves as the anchor tenant for the 185,682-square-foot property. The 47-acre shopping center houses notable tenants such as LA Fitness, Wawa, Chick-fil-A, and Starbucks. The sale is part of a larger break-up strategy for Legacy Square, with multiple parcels being sold separately to expand the buyer pool and increase value.  

The sellers were represented by SRS Real Estate Partners’ National Net Lease Group with a team of Matthew Mousavi, Patrick Luther, Britt Raymond and Kyle Fant. The buyer was represented by David Chasin with Los Angeles-based Pegasus Investments Real Estate Advisory.