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. Situated on 14.02 acres, the property was built in 2019 and has an impressive corporate-guaranteed lease with 17 years remaining. Walmart serves as the anchor tenant for this 185,682-square-foot property which also houses notable tenants such as LA Fitness, Wawa, Chick-fil-A and Starbucks. The sale is part of an overall break up strategy for Legacy Square with multiple parcels being sold separately to expand buyer pool opportunities while increasing value at the same time.
SRS Real Estate Partners’ National Net Lease Group represented sellers Matthew Mousavi, Patrick Luther Britt Raymond and Kyle Fant while David Chasin from Pegasus Investments Real Estate Advisory represented buyers during this transaction .
“Transformation of Plano Hotel into Assisted Living Facility”
Eastern Union has successfully secured $20.4 million in refinancing for the conversion of a six-story, 137-unit hotel located in Plano.
Steve Griffin
November 25, 2024
