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New York & Tri-State  + New Jersey  + Retail  | 

Net-Leased Home Depot Fetches $34M

Newmark arranged the sale of an off-market Home Depot for $34 million. The single-tenant, 120,000-square-foot ground-leased building at 75 McLean Blvd. in Paterson, NJ.

The firm’s Irvine, CA-based Matt Berres and Samer Khalil cooperated with colleague Steven Schultz to represent the seller, a private family office. The undisclosed, institutional buyer was represented by an outside firm.

“We have continued to see properties with investment grade tenants and long-term triple-net leases in attractive locations command premium pricing in line with, or exceeding, pre-pandemic levels due to the dearth of inventory available,” said Berres. He added that the property was among the few Home Depots “to trade north of $30 million in the past five years nationally.”

Khalil added, “With the tenant owning most of its real estate, the pricing and deal terms were reflective of the rare and attractive opportunity to acquire a long-term net-leased Home Depot in an excellent location.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

  • ◦Sale/Acquisition
  • ◦Lease
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