M id A tlantic Real Estate Journal — Retail Development Reimagined — August 2024 — 3
www.marej.com
R etail D evelopment R eimagined
Michael Lombardi represents seller and procures buyer of 123 Water Street Horvath & Tremblay sells Starbucks, Chipotle & Panera in Newton, NJ for $6.075M
N EWTON, NJ — Mi- chael Lombardi of Horvath & Trem-
low-management investment. The new construction property is positioned at the signalized intersection of S Park Dr. and Water St. (US Route 206), the area’s primary commercial and commuter corridor. The property is shadow anchored by the new construction Water Street Lofts, a 100-unit luxury apartment complex, and is surrounded by national re- tailers that drive traffic to the area. Additionally, the prop- erty is situated in between two grocery stores (ShopRite and Weis Markets) and offers
convenient access to Newton’s historic square and downtown. Horvath & Tremblay advi- sors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, port- folio dispositions, and 1031 exchanges. Horvath & Trem- blay is dedicated to being the best source of information and expertise in the marketplace for private investors, develop- ers, institutions, and industry professionals. MAREJ
blay has completed the sale of a Starbucks, Chipotle and Panera in Newton, New Jersey. Hor- vath & Trem- blay repre- sented the
Michael Lombardi
seller and procured the buyer to complete the transaction at a sale price of $6,075,000. The property is located at 123 Water St. in Newton. The build-to-suit property was constructed in 2022 and is improved by a two-tenant building leased to Starbucks and Chipotle and a single ten- ant building leased to Panera. The property contains 8,726 s/f and both buildings benefit from a modern design with outdoor seating. The build- ings benefit from outstanding visibility and frontage along Water St. (US Route 206). Starbucks and Chipotle each have 8+ years remaining on their leases, and Panera has 13+ years remaining on their lease. All three of the leases feature attractive 10% rent increases every five years throughout the base terms. Additionally, each of the ten- ants have net leases and re- imburse their pro-rata share of real estate taxes, insurance and common area mainte- nance costs providing an ideal, Azarian announces Neptune Plaza NEW JERSEY — Azarian Realty Co. announced its new- est signed lease with The UPS Store at Neptune Plaza Shop- ping Center in Neptune City. The UPS Store joins other tenants in the center including a ShopRite, and a free-stand- ing TD Bank. Hobby Lobby has also been under construction in the center and is set to open soon in an expansive 58,952 s/f space. With the addition of The UPS Store, Neptune Plaza will be fully occupied. Kevin Pelio of Azarian Realty Co. represented the landlord and Matt Grundy of Jeffrey Realty repre- sented the tenant in this transaction. MAREJ reaches full occupancy
123 Water Street
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