Kislak sells Freehold retail property for $1.9M

Freehold, NJ — The Kislak Company, Inc. announced the sale of a downtown retail property that includes a CVS at 7 West Main St. in Freehold, for $1,950,000.

Kislak marketed the property on an exclusive basis with senior VP Daniel Lanni handling the assignment on behalf of the seller Stone Gable, LLC, and he also procured the purchaser, which was not disclosed.

CVS recently exercised a five-year lease extension, strengthening the property’s income stability. The second-floor art gallery is currently leased at below-market rents, creating additional upside. Under the existing lease structure, CVS is responsible for most expense and maintenance obligations. This favorable expense structure, combined with embedded rental upside and future redevelopment potential, contributed to the property’s attractive value-add profile.

Situated on a 0.26-acre lot in downtown Freehold, the three-story brick building comprises 13,674 s/f. CVS occupies 9,300 s/f on the ground floor, while an art gallery occupies 2,187 s/f on the second floor. The third floor, with approximately 2,187 s/f, remains unfinished and vacant, presenting future value-add potential.

The property features a sprinkler system, gas-fired heating, and ground-floor HVAC.