MID ATLANTIC —Horvath & Tremblay has completed the sale of three Mid-Atlantic retail properties for $11,015,717.
Michael Lombardi of Horvath & Tremblay has completed the sale of a two-tenant retail building in Voorhees, NJ. Horvath & Tremblay represented the seller to complete this transaction at a sale price of $2,553,000. Fed-Ex and NJ Plant Based Compassion is located at 903 White Horse Rd. The two-tenant plaza is improved with FedEx Office and a NJ Plant Based Compassion dispensary and contains 6,664 s/f on a 1.98-acre parcel. FedEx signed a brand new, 10-year lease in 2020 that currently has over 7 years of term remaining followed by two, 5-year options. NJ Plant Based Compassion (an affiliate of lease guarantor Sweetspot Brands LLC, which has affiliated cannabis cultivation and retail entities in several states) is also on a new 10-year lease, followed by one, 10-year option. The FedEx lease calls for 10% rental increases at the start of each renewal option, while the NJ Plant Based Compassion lease calls for 2% annual rent increases throughout the base term and renewal option. The property has site plan approvals in place for an additional 2,136 s/f of space, only a building permit from the town is needed to build the additional space.
Steven Schiavello and Patrick Gray of Horvath & Tremblay have completed the sale of Pizza Hut in Kittanning, PA. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $1,397,500. Pizza Hut is located at 15 Hilltop Plaza and has been operating at this location since 2000 and has 13+ years remaining on their Absolute NNN lease followed by four, 5-year renewal options. The lease features attractive 2.0% annual rent increases throughout the primary term and the first two renewal options. Hilltop Plaza is located just off of Franklin Hill Rd. and is adjacent to Franklin Village, a Shop ‘N Save and Tractor Supply Company anchored shopping center. The two shopping centers together create the premier shopping destination for the residents of Kittanning and other neighboring towns. Both centers enjoy convenient access from US Highway 422 and the Allegheny Valley Expressway.
Horvath & Tremblay’s Michael Lombardi also facilitated the sale of QuickChek in Somerset, NJ. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $7,065,217. QuickChek is located at 1850 Easton Ave. in Somerset, NJ The stand-alone building consists of 5,670 s/f and sits on large 3.13-acre parcel of land. The building was constructed for QuickChek in 2021 and they have 18+ years remaining on an NNN Ground Lease with four, 5-Year Renewal Options. The lease features attractive 10% rent increases every five years throughout the primary lease term and at the start of each of the 5-year renewal options. QuickChek is situated along Easton Avenue just seconds from Interstate 287’s on-off ramp. The newer construction Property benefits from outstanding frontage and visibility in one of the area’s primary commercial corridors. The Property is surrounded by office buildings, commercial businesses, and nationally branded hotels that drive traffic to the area and just outside the commercial corridor, the area is home to densely populated residential neighborhoods that provide a built-in customer base.