2B — March 19 - April 15, 2021 — New Jersey — M id A tlantic Real Estate Journal
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Acquisition includes seven auto dealerships CBRE reps. Auto Lenders in $55M sale-leaseback portfolio
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J/PA — CBRE an- nounced that its Mid- Atlantic Net Lease
Property team closed a 10-prop- erty corporate sale-leaseback of Auto Lenders’ owned real estate in Pennsylvania and New Jersey. W.P. Carey , a NYC-based real estate invest- ment trust firm, acquired the assets for $55 million. The acquisition is made up of seven auto dealerships, a centralized vehicle conditioning center and two office facilities totaling 170,000 s/f, net leased to Auto Lenders. The properties comprise the entirety of Auto Lenders’ cor- porately owned operating foot- print, including dealerships, servicing centers and company headquarters. The dealerships are all located in primary sub- markets across New Jersey and Pennsylvania and are subject to a newly negotiated lease. CBRE teammembers Thom- as Finnegan, Matthew Gor- man , and Michael Shover represented Auto Lenders in the marketing and sale of the portfolio and also procured the successful buyer. “We were able to generate tremendous institutional inter- est in the Auto Lenders’ port- folio,” said Finnegan. “Since the onset of the COVID-19 pandemic, one-owner, off-lease
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vehicles like those offered by Auto Lenders have seen a major boom in demand. As a result, the portfolio offered a rare blend of high-quality real estate, tied to a proven opera- tor of 30+ years, that not only survived the latest economic downturn, but continued to thrive,” he added. “Successfully executing on a complicated corporate sale leaseback transaction on behalf of our client, especially during these different and difficult times, is an outstanding re- sult,” said Gorman. The portfolio includes: Auto Lenders of Princeton, NJ; Auto Lenders of Lakewood, NJ; Auto Lenders of Toms River, NJ; Auto Lenders of Exton, PA; Auto Lenders of Voorhees, NJ; Auto Lenders of Egg Harbor Twp., NJ; Auto Lenders of Wil- liamstown, NJ; Auto Lenders
Corporate Office, Berlin, NJ; ALGO Corporate HQ, Berlin, NJ; and CAL Automotive, Yardville, NJ. MAREJ
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