12B — November 10 - 23, 2017 — Central New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
C entral N ew J ersey Bob Horvath, Todd Tremblay, and Brian Ahrens represent 1031 exchange buyer Horvath & Tremblay sells two Walgreens and Fresenius Medical Center for $23 million
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represented the 1031 exchange buyer to close the property at a sale price of $10,655,238, a 5.25% cap rate. Walgreens is located in the affluent com- munity of West Milford along Union Valley Rd.. Operating under an absolute triple net lease, Walgreens has 17.5 years remaining on the base term of the lease with four, 5-year renewal options with 10% rental escalations every 10 years. Union Valley Rd. is the main retail corridor travel- ing throughout the township of West Milford. The property is surrounded by many national
tenants including ShopRite, McDonalds, Dunkin’ Donuts, TJ Maxx and H&R Block. It is also located near many nation- al and regional banks includ- ing Wells Fargo, M&T Bank, Bank of America, Lakeland Bank, and Columbia Bank. Walgreens in Cherry Hill, NJ closed at a sale price of 8.9 million, a 5.49% cap rate. Blake Barbarisi and Adam Mancinone represented the seller buyer in the transaction. Walgreens signed a 25-year absolute triple net (NNN) lease in 2010, which includes options periods through 2085. This has been a proven location for Walgreens since they opened six years ago. The property is located three miles from the New Jersey Tpke.(I-95) and I-295. The asset benefits from excellent visibility and close proximity to local shopping and all major thoroughfares within Cherry Hill. The prop- erty is located at the northwest corner of North Kings Highway and Chapel Avenue with traffic counts in excess of 24,000 ve- hicles per day. Along the Kings Highway and Chapel Avenue corridors lies over two million square feet of office space com- prised of mostly medical users. With an affluent population, and average household income exceeding $95,000, this site will only appreciate over time and would be considered a tro- phy in any investor’s portfolio. Barbarisi and Mancinone also procured the buyer of Fresenius Medical Center in Farmville, NC to close the property at a sale price of $3.55 million. The 7,186 s/f, newly constructed property is fully occupied by Fresenius Medi- cal Care and operates under a double net lease with over 14 years remaining on the initial lease term with three, 5- year renewal options and scheduled rental escalations every five years. The Lease is guaranteed by Fresenius’ corporate parent, Fresenius Medical Care Hold- ings, Inc., (“FMCH”). With a current net worth of over $22.5 billion, FMCH is the largest provider of renal care, both in- ternationally, and throughout the nation. This is a unique property as it is located in a “Certificate of Need” state which places limitations on the development of new facilities, preventing health care compe- tition with the subject property while creating a high barrier of entry for competition. n
est Milford, NJ — Horvath & Tremblay has de-
livered impressive results with the sale of three properties eclipsing $23 million in total sales. Recent transactions include the sale of Walgreens in West Milford, NJ, Wal- greens in Cherry Hill, NJ and Fresenius Medical Center in Farmville, NC. Bob Horvath, Todd Trem- blay , and Brian Ahrens of Horvath & Tremblay have successfully completed the sale of the Walgreens in West Mil- ford, NJ. Horvath & Tremblay
West Milford, NJ
Walgreens in Cherry Hill, NJ
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