West Orange-based real estate investment firm Paul V. Profeta and Associates announced today its acquisition of a Home Depot location in Massachusetts for more than $24 million.
According to the announcement, the company has purchased a 132,984-square-foot Home Depot on 27-acres in Bridgewater, Mass., for more than $24 million from Gvest Partners LLC. The purchase was completed as part of a 1031 Exchange transaction following the sale of 12 Walgreens properties by Profeta to Inland Real Estate Acquisitions Inc. for $60 million in August. Profeta is planning additional real estate acquisitions to cover the remainder of the Walgreens disposition.
The purchase price for the Home Depot property comprises a first mortgage of more than $14 million, a mezzanine loan of $7.6 million and an equity investment of more than $3 million. There are approximately 24 years remaining on Home Depot's 30-year lease at the site. CBRE Executive Vice President Sterling Champ, one of the leaders of CBRE's Net Leased Property Group, brokered the Home Depot transaction on behalf of Profeta. Champ also represented Profeta in the Walgreens portfolio disposition, the company said in a statement.