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  • Writer's pictureMAREJ

Single tenant NNN properties overview on CRE development

Central NJ — Single tenant net leases have grown increasingly popular over the past twelve months. NNN assets have a long history of performing strongly during both good and bad economic times. When there is uncertainty regarding the future health of the economy, as has been the case, demand for such assets skyrockets, especially in sectors that have been deemed “pandemic proof.” These include gas and convenience stores, grocery stores, quick-service restaurants, and medical tenants.

Some of the primary reasons why investors love NNN assets include: long-term leases, limited ownership responsibilities, attractive rental increases, tenant self-maintenance, and strong credit. Due to the increase in demand for such assets, developers of single tenant NNN leased properties have been extremely busy filling their pipelines through new site acquisitions. Concurrently, the tenants that occupy such properties have had an extremely successful past twelve months and are looking to expand rapidly.

Paramount Realty, based in Lakewood has experienced the rush described above and is actively pursuing new development projects. Being one of the largest single tenant developer in the Northeast for both Wawa and Aldi, Paramount has been keeping extremely busy.

Jeffery Realty’s Bill Farkas has worked hand and hand with Paramount on some of their projects, including the Wawa on Rte. 22 & Wilson Ave. in North Plainfield and a Union project that includes a Wawa convenience store and gas station, 120,000 s/f of climate-controlled self-storage, a four-story Marriott branded hotel, and a new Popeye’s QSR.


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