8A — June 22 - July 12, 2018 — Shopping Centers — M id A tlantic
Real Estate Journal
S hopping C enters
Bob Horvath, Todd Tremblay, Peter Butler, MatthewNadler, and Kyle Danielson ink transactions Horvath & Tremblay sells four retail properties for $13.59 million N pharmacy location, situated in front of a popular ShopRite grocery store, is set on a highly
J, PA AND MD — Horvath&Tremblay have successfully com- pleted the sale of four retail properties for $13,598,333. The properties include: Wal- greens in New Jersey, KFC and Pep Boys in Pennsylva- nia and Dunkin’ Donuts in Maryland. Bob Horva th , Todd Tremblay, and Peter But- ler have completed the sale of Walgreens in Ewing, NJ. Horvath & Tremblay repre- sented the seller to close the property for a sale price of $10,645,333 a 5.33% cap rate.
visible, high- ly trafficked, signaled in- t er sec t i on , along a busy r e t a i l c o r - r i do r t ha t serves Ew- i ng Town - ship and its 36,000 resi- dents. Matthew N a d l e r wo r k e d t o complete the sales of Pep Boys in Ir- win, PA and KFC in Erie, PA closing at sale prices of $1 , 360 , 000 and $750,000 respectively. Constructed as a build-to- suit for Pep Boys in 2015, the 5,546 s/f
Walgreens fully occupies a brand new, 14,680 s/f build- ing located along North Olden Ave. Walgreens operates un- der a new 20-year corporately guaranteed, triple net (NNN) lease with 50, 1-year renewal options. The quintessential
Walgreens in Ewing, NJ
building is located on an out- parcel at the Norwin Town Square shopping center. Pep Boy’s operates under a corpo- rate guaranteed, double net lease that has over 7 years remaining plus three, 5-year renewal options. KFC has over 3.5 years remaining on the triple net lease. KFC has been in occupancy and operat- ing at the premises since 1986 and has consistently exercised their options, demonstrat- ing their commitment to the location. Kyle Danielson and Bob Horvath represented the sell- er and procured the buyer of Dunkin’ Donuts in Baltimore, MD. The property closed at a sale price of $843,000, a 5.93% cap rate. The unique, stand- alone building is located in an irreplaceable, urban-infill, lo- cation on the edge of the Johns Hopkins Hospital and Medi- cal School Campus. Dunkin' Donuts recently completed a $250,000 renovation and mod- ernization of the stand-alone property and store, which opened in December 2017. The initial 10-year lease has 9+ years remaining plus two, 5-year tenant renewal options. Horvath & Tremblay is one of the most active and success- ful Investment Real Estate Brokerage firms in the United States.
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