NEW JERSEY — Horvath & Tremblay has completed the sale of four retail properties in New Jersey for a total of $24,957,150.
Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a Wawa in Edison. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $7,575,000. Wawa is located at 580 US Rte. 1. The property consists of a 4,736 s/f building and a gas station and convenience store on 1.99 acres of land. Wawa has a new 20 year, corporately backed, ground lease (Absolute NNN) with six, 5-Year Options. The lease features 10% rent increases every five years beginning in year 11 of the lease and continuing throughout both the primary term and the option periods.
Charles Loccisano and Lombardi of Horvath & Tremblay have completed the sale of the Instone Distribution Center in Millstone. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $6,222,150. The Instone Distribution Center is located at 4 Wren Haven Dr. The property is improved with a 44,000 s/f building (4,000 s/f office and 40,000 s/f warehouse) on 5.26-acre parcel in the Red Valley Industrial Park. The property is 100% leased to Instone, the largest wholesale stone distributor of thin veneer masonry products in the United States, has 6+ years remaining on their Double Net Lease with one, 5-year renewal option. The lease features annual rent increases throughout the base term and renewal option. Additionally, the Property has a long-term lease with Lamar for a Billboard on the property, providing additional passive income. The property is well located in the burgeoning four-property Red Valley Industrial Park. Situated just off of Trenton Lakewood Rd. (NJ Rte. 526).
Matt Nadler of Horvath & Tremblay has completed the sale of the Middletown Plaza in Middletown. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $9,750,000. The Middletown Plaza is located at 1287 Rte. 35. The property was constructed in 2021 and consists of an 11,505 s/f retail plaza leased to Mavis Discount Tire, Sissy’s Nails & Spa, Dunkin’, and Lascara, and a 10,000 s/f single tenant building leased to The Learning Experience. The property enjoys excellent visibility and frontage and is situated on 2.88 acres of land. The Learning Experience, Mavis, and Dunkin’ have attractive rent increases every five years throughout their base terms and at the start of each renewal option. Sissy’s Nails & Spa and Lascara have annual rent increases throughout their base term and renewal options. All of the tenants have Double-Net leases. The property is strategically located along NJ Rte. 35, the primary commercial corridor traversing Middletown, NJ. The Property enjoys outstanding visibility and frontage and benefits from excellent traffic counts. The Property is 0.4-miles from the area’s two primary grocery stores, 1.4 miles from the area’s elementary and high schools, and 1-mile from the Middletown Train Station.
Lombardi has completed the sale of 7-Eleven in Clark, NJ. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,410,000. 7-Eleven is located at 10 Westfield Ave. 7-Eleven has been at this location since 2012 (10 Years) and recently extended their lease, demonstrating their commitment to the site and the market. 7-Eleven has 5+ years of term remaining on their lease with two additional 5-year renewal options. The lease features a 10% rent increase at the start of each renewal option.