4A — June 17 - July 21, 2022 — Retail Development Reimagined — M id A tlantic Real Estate Journal
www.marej.com
R etail D evelopment R eimagined
Mike Lombardi represents seller and procures buyer Horvath & Tremblay sells Pennington Avenue Shopping Village in Trenton, NJ for $7,450,000
T
RENTON, NJ — Mike Lombardi of Horvath & Tremblay
has success- fully complet- ed the sale of the Penning- ton Avenue Shopping Vil- lage in Tren- ton. Horvath & Tremblay represented
Mike Lombardi
the seller and procured the buyer, an affiliate of Iron Ore Properties, LLC, to complete the transaction at a sale price of $7.45 million.
Pennington Avenue Shopping Village
The Pennington Avenue Shopping Village is located at 359 Pennington Avenue
(NJ Rte. 31) in Trenton. The Property consists of a 25,791 s/f Super Food Supermarket
and an inline strip center. In total, the Pennington Avenue Shopping Village contains
57,906 s/f of gross leasable area on a 5.36-acre corner parcel. The well-maintained Property was constructed in 2003 and is currently 92.75% leased to an attractive mix of fifteen retail, restaurant, and neighborhood service tenants, many of which have been long-term tenants at the Pennington Avenue Shopping Center. The Property offers excellent frontage along Independence Lane and the heavily travelled Pennington Avenue with pylon signage and four points of access. The Property is also improved by a municipal bus stop, increasing pedestrian traffic to the center. The Pennington Avenue Shop- ping Village is positioned at the intersection of Pennington Av- enue and Independence Lane and is 1-mile from US Route 206, 1.25-miles from US Rte. 1. The property is also located on the Trenton Municipal Bus Line with a stop for the 607 and 624 lines offering service throughout Trenton and the surrounding towns. Penning- ton Avenue Shopping Village is extremely well located just outside of Trenton’s Central Business District in the Pen- nington/Prospect neighbor- hood. The Property enjoys convenient access to all parts of the city and is surrounded by densely populated residential neighborhoods. Horvath & Tremblay is one of the most active and success- ful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net- lease assets and retail shop- ping centers. They have expe- rience successfully structuring sale lease-back programs, portfolio 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
Relocation Opportunities Wanted
PENNSYLVANIA COUNTIES OF INTEREST INCLUDE: Bradford, Bucks, Carbon, Columbia, Lackawanna, Lehigh, Luzerne, Lycoming, Monroe, Northampton, Pike, Schuylkill, Sullivan, Susquehanna, Tioga, Wayne, Wyoming TYPES OF LOCATIONS WANTED: End Cap, In-Line, Drive-Thru, Free Standing
PLEASE CONTACT: Abbie Muto muto_a@sdepa.com | Cheryl Green green_c@sdepa.com (610) 366-8120 • www.sdepa.com
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