Michael Lombardi represents seller and procures buyer of 123 Water Street
Newton, NJ — Michael Lombardi of Horvath & Tremblay has completed the sale of a Starbucks, Chipotle and Panera in Newton, New Jersey. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $6,075,000.
The property is located at 123 Water St. in Newton. The build-to-suit property was constructed in 2022 and is improved by a two-tenant building leased to Starbucks and Chipotle and a single tenant building leased to Panera.
The property contains 8,726 s/f and both buildings benefit from a modern design with outdoor seating. The buildings benefit from outstanding visibility and frontage along Water St. (US Route 206). Starbucks and Chipotle each have 8+ years remaining on their leases, and Panera has 13+ years remaining on their lease. All three of the leases feature attractive 10% rent increases every five years throughout the base terms. Additionally, each of the tenants have net leases and reimburse their pro-rata share of real estate taxes, insurance and common area maintenance costs providing an ideal, low-management investment. The new construction property is positioned at the signalized intersection of S Park Dr. and Water St. (US Route 206), the area’s primary commercial and commuter corridor. The property is shadow anchored by the new construction Water Street Lofts, a 100-unit luxury apartment complex, and is surrounded by national retailers that drive traffic to the area. Additionally, the property is situated in between two grocery stores (ShopRite and Weis Markets) and offers convenient access to Newton’s historic square and downtown.
Horvath & Tremblay advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.
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