NEW JERSEY — Michael Lombardi and Rob DiFranco of Horvath & Tremblay have successfully completed the sale of an Advance Auto Parts and Mavis in Bergenfield. Horvath & Tremblay represented the seller to complete this transaction at a sale price of $5.94 million. Advance Auto Parts & Mavis Discount Tire are located at 52 New Bridge Rd.
Advance Auto Parts has occupied this location since 2003 and recently extended their lease demonstrating their commitment to both the site and the market. Advance Auto has 9+ years remaining on their double-net lease with three, 5-year renewal options. The lease features a 10% rent increase in 2026 and at the start of each of their renewal options.
52 New Bridge Rd. is comprised of 13,692 s/f, which is significantly larger than the typical Advance Auto Parts footprint. As such, Advance Auto Parts subleases a portion of their space to Mavis Discount Tire.
The Mavis space is perfectly suited for the tenant and offers six service bays, a small office, and a waiting area/showroom. Advance Auto Parts and Mavis are less than 1,000 feet from the signalized intersection with S Washington St., the areas primary retail and commercial thoroughfare.
The property enjoys outstanding visibility and access and is adjacent to a Lidl, and seconds from a Walgreens and the ALDI anchored Foster Village Shopping Center. The Property sees more than 26,900 vehicles per day and enjoys convenient access to the Palisades Pkwy., the Garden State Pkwy., Interstates 95 and 80 and NJ Rte. 4.
Horvath & Tremblay’s Michael Lombardi also facilitated the sale of a Mr. Tire in Absecon. Horvath & Tremblay represented the seller to complete this transaction at a sale price of $1.225 million.
Mr. Tire is located at 918 White Horse Pike. The property consists of a 5,100 s/f building on a 0.80-acre parcel. Mr. Tire has 10+ years remaining on their lease with two, 5-year renewal options. The lease features a corporate guarantee from Monro Inc. and calls for attractive 10% rent increases in 2027 and at the start of each renewal option. Mr. Tire is well located along White Horse Pike (US Rte. 30), the primary commercial and.
The property benefits from outstanding frontage, visibility and two points of access along the heavily traveled Rd. The property is 0.8-miles from US Rte. 9 and 2.5-miles from the Garden State Pkwy. US Rte. 30 is one of two primary roadways leading into Atlantic City; the property is surrounded by national retailers and more than 15 hotels and motels within 3-miles of the property.
Steven Schiavello, Patrick Gray and Lombardi of Horvath & Tremblay have successfully completed the sale of the Chase Bank Building in South Orange. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $3.7 million.
The Chase Bank Building is located at 18 South Orange Ave. in South Orange. The Chase Bank Office Building is a 100% occupied, mixed-use retail and office building of 10,000 s/f on a 0.09-acre parcel. Chase Bank is on the first floor and occupies 40% of the GLA, with Three Birds Yoga on the second floor, and Eventage Event Productions taking up the remainder of the second floor and the third floor. Chase has 2+ years remaining on their 20-year lease, with two, 5-year renewal options remaining and 10% rental increases at the beginning of each option period. Additionally, Chase recently added a second ATM to the location.
The Chase Bank Office Building is in an excellent location in downtown South Orange, surrounded by a mix of national and local retailers, businesses, and attractions drawing consumers to the area. The property is adjacent to a municipal parking lot and the quaint in-town Spiotta Park, a frequent center for town and community events. The property is situated down the St. from the South Orange Train Station, with service to Penn Station in Midtown Manhattan.
Horvath & Tremblay is one of the most active and successful investment real estate brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers.