New Jersey — Horvath & Tremblay has completed the sale of three New Jersey retail properties for $11,930,000.
Michael Lombardi, David McLaughlin and Robert DiFranco of Horvath & Tremblay have successfully completed the sale of a Taco Bell in Roselle, New Jersey. Horvath & Tremblay represented the seller and procured the buyer, to complete the transaction at a sale price of $3,855,000. Taco Bell is located at 133 Saint George Ave. in Roselle. The stand-alone building consists of 2,108 s/f and sits on a 1.25-acre lot with a drive-thru. Taco Bell has 18+ years remaining on their Absolute NNN lease with four, five-year renewal options. The lease calls for an attractive 10% rent increases every five years throughout the base term and at the start of each option period. The Property is extremely well located along E S. Georges Avenue (NJ Rte. 27), one of the area’s primary commercial and commuter corridors. Taco Bell enjoys outstanding visibility, frontage, and access and is surrounded by national retailers, and densely populated residential neighborhoods. The property is within 1-mile of five area schools, and the Linden Train Station. The property is 3-miles from the junction of I-95 (New Jersey Turnpike) & Interstate 278 (Staten Island Expressway).
Lombardi and Loccisano have facilitated the sale of a Wawa in Augusta. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $7,200,000. Wawa is located at 1 NJ Rte. 15 in Augusta, New Jersey. The stand-alone convenience store and gas station is under construction with an anticipated opening date in August of 2022. The Property will consist of a 5,585 s/f convenience store and a gas station. Wawa has a new 20 year, corporately backed, ground lease (Absolute NNN) with six, 5-Year Options. The lease features scheduled rent increases in years 11 and 16 of the primary term and 10% rent increases at the start of each of the six renewal option periods. Wawa is strategically positioned at the intersection of NJ Rte. 15 and US Rte. 206, two of the area’s primary commercial and commuter corridors. The two corridors are home to several national retailers including Walmart, The Home Depot, Lowe’s, Weis Markets, ShopRite, Tractor Supply Co., Dollar Tree, Kohl’s, Marshalls, Walgreens, AutoZone, McDonald’s, Starbucks, Panera, and Burger King, that drive traffic to the area. The Property is positioned in an affluent market within the New York City MSA; the average household income within 5-miles of the Property is more than $119,000 and the average household income within 10-miles of the Property is more than $124,000.
Horvath & Tremblay’s Lombardi and Loccisano also successfully completed the sale of Kessler Physical Therapy in Toms River. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $875,000. Kessler Physical Therapy and Rehabilitation Center is located at 1186-1190 Fischer Blvd. in Toms River. Completely renovated for the tenant in 2002 with interior and exterior improvements over the last 3 years, the free-standing property has a gross leasable area of 3,030 s/f.
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