April 28, 2022 | Written by Tina Traster
The longtime owner of a single-tenant, net-leased Best Buy store in Deptford has sold the property for $17 million.
NMA Deptford LLC, an affiliate of Illinois-based Next Realty LLC, completed the deal at 1851 Deptford Center Road some 19 years after purchasing the asset. An affiliate of Agree Realty Corp. purchased the 6.08-acre site, which includes the 60,759-square-foot building and 287 parking spaces, near the intersection of Deptford Center Road and Route 41.
Best Buy operates there on a 27-year lease, NMA Deptford said, noting that it has direct on and off access to Route 42, the commuter highway that connects Deptford to Philadelphia.
“This was one of the first acquisitions for our team in 2001,” Next Mid-Atlantic Managing Principal George Galloway said. “Over the years, we’ve worked hand in hand with Best Buy to make this one of the most successful Best Buys in the Philadelphia region. We are confident that the buyer will benefit from Best Buy’s renewed 10-year commitment to the property and their continued reinvestment in the store over the years. Agree purchased a terrific asset in an irreplaceable, regional location.”
David H. Wirth, Andrew Fallon and Rick Fernandez of SRS Real Estate Partners-Northeast LLC marketed the property on behalf of Next Realty LLC.
“Based on the recent lease renewal and strong real estate fundamentals, we knew this offering would be attractive to a wide range of investors looking for a standalone $15 million to $20 million asset,” Fallon said. “The great combination of credit quality, location and market conditions allowed us to achieve a market-leading cap rate for a freestanding, 60,000-plus square-foot Best Buy.”