Real Estate Journal — July 13 - 26, 2018 — 3A
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M id A tlantic
M id A tlantic R eal E state J ournal Walgreens, KFC, Pep Boys, and Dunkin’ Donuts Horvath & Tremblay sells four retail properties for $13.59 million
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building is located in an ir- replaceable, urban-infill, location on the edge of the Johns Hopkins Hospital and Medical School Campus. Dunkin' Donuts recently completed a $250,000 reno- vation and modernization 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 successful Investment Real Estate Brokerage firms in the United States.
guaranteed, double net lease that has over 7 years remain- ing plus three, 5-year renew- al options. KFC has over 3.5 years remaining on the triple net lease. KFC has been in oc- cupancy and operating at the premises since 1986 and has consistently exercised their options, demonstrating their commitment to the location. Kyle Danielson and Bob Horvath represented the seller and procured the buy- er of Dunkin’ Donuts in Baltimore, MD. The prop- erty closed at a sale price of $843,000, a 5.93% cap rate. The unique, stand-alone
ID ATLANTIC — Horvath & Trem- blay have success-
fully completed the sale of four retail properties for $13,598,333. The properties include: Walgreens in New Jersey, KFC and Pep Boys in Pennsylvania and Dunkin’ Donuts in Maryland. Bob Horvath, Todd Tremblay , and Peter But- ler have successfully com- pleted the sale of Walgreens in Ewing, NJ. Horvath & Tremblay represented the seller to close the property for a sale price of $10,645,333 a 5.33% cap rate. Walgreens fully occupies a brand new, 14,680 s/f building located along North Olden Ave.. Walgreens operates under a new 20-year corporately guaranteed, triple net (NNN) lease with 50, 1-year renewal options. The quintessential pharmacy location, situated in front of a popular Shop- Rite grocery store, is set on a highly visible, highly traf- ficked, signaled intersection, along a busy retail corridor that serves Ewing Twp. and its 36,000 residents. Matthew Nadler worked to complete the sales of Pep Boys in Irwin, PA and KFC in Erie, PA closing at sale prices of $1.36 million and $750,000 respectively. Constructed as a build-to-suit for Pep Boys in 2015, the 5,546 s/f build- ing is located on an outparcel at the Norwin Town Square shopping center. Pep Boy’s operates under a corporate increased from $30 to $35,” noted Jason Price, New Jer- sey Research Director. “While vacancy rates are in line with historical norms, rental rate growth was strong during 2017; the rent uptick was partially propped up by the cost of concessions. For 2018, we expect free rent averages to remain stable, and TI al- lowances will likely shrink. Conversely, our Space Mat- ters report reveals that half of local markets in the U.S. are expected to see increased TI allowances in 2018.” Jason Price is the Tri State Suburban Director in Cushman & Wakefield’s U.S. Research Services Group. continued from page 2A Occupier Trends: Demographics and Talent Driving . . .
Walgreens in Ewing, NJ
REAL ESTATE AUCTION AMAZING OPPORTUNITY! 480 PUMPING STATION ROAD, GETTYSBURG, PA 17325 FRIDAY, JULY 27, 2018 @ 1PM 13+- ACRES NEAR GETTYSBURG NATIONAL BATTLEFIELD!
Beautiful Colonial Home w/4 BR, 2.5 Baths, Large Living Room, Dining Room, Family Room w/ fireplace, Eat-in Kitchen w/ Breakfast Nook, Sunroom, 2-Car Attached Garage & 6-Car Detached Garage! Beautifully landscaped w/2 fish ponds & walking distance to Eisenhour Farm. OPEN HOUSES: SATURDAY, JULY 14 & 21: 3-4 PM Directions: From PA-116 W turn L onto Black Horse Tavern Rd; R on Pumping Station Rd; Home on L.
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