Bussel Realty
732-287-3777
Bussel Realty Corp. (BRC), a leading industrial and retail real estate services firm in New Jersey, announced the successful completion of a 1031 exchange that culminated with the purchase of 3565 Martin Luther King Jr. Blvd, New Bern, NC by Central Avenue Corp for $18.2-million, following the disposition of their 211,000-square-foot industrial complex in Bridgewater, New Jersey, by BRC in late 2022.
Bussel Realty Corp. (BRC), a leading industrial and retail real estate services firm in New Jersey, announced the successful completion of a 1031 exchange that culminated with the purchase of 3565 Martin Luther King Jr. Blvd, New Bern, NC by Central Avenue Corp for $18.2-million, following the disposition of their 211,000-square-foot industrial complex in Bridgewater, New Jersey, by BRC in late 2022.
Vice President Anthony Rittwager and Director of Asset Services Matthew Phillips of The AI Group at Bussel Realty Corp represented Central Avenue Corp, while Jeffrey Cicurel of Jones Lang LaSalle represented the seller, NC New Bern LLC. 3565 Martin Luther King Jr. Blvd, New Bern, NC, represents the acquisition of a trophy asset situated on an 8.45-acre land lease with a 99,000-square-foot retail space leased to Harris Teeter, a subsidiary of Kroger. Rittwager and Phillips also represented Central Avenue Corp in selling 550-558 Central Avenue in Bridgewater, New Jersey, for $37 million.
“Central Avenue Corp relied on The AI Group’s resources to secure a premium 1031 replacement property after we optimized the disposition of their ±24 acre industrial warehouse complex in New Jersey. We located a property aligned with the company’s future strategic real estate, wealth preservation, and tax objectives,” noted Phillips. “On behalf of our client, we successfully negotiated an unprecedented cap rate at that time for an asset that historically trades below four-hundred-fifty basis points (4.50%). Our refined process ensured this transaction closed within only 56 days of the IRS’s IRC Section 1031 allotted 180 days,“ Phillips continued.
About Bussel Realty Corp.
With one of the largest dedicated industrial brokerage teams in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial/retail real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, retailers, owners, and investors, representing millions of square feet of property and tenant client assignments annually. The firm’s clients have included several of the largest Fortune 500 Companies, as well as numerous manufacturing, distribution, retail and services companies both nationally and locally. The Advance Industrial Group (The AI Group) is a strategic team within Bussel Realty Corp.
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