R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined —May 20 - June 16, 2022 — 3A
www.marej.com
Lombardi, Loccisano and Nadler orchestrate transactions Horvath & Tremblay sells four retail properties in New Jersey for $24,957,150
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EW JERSEY — Horvath & Trem- blay has completed
the sale of four retail proper - ties in New Jersey for a total of $24,957,150. Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a Wawa in Edison. Horvath & Tremblay repre - sented the seller to complete the transaction at a sale price of $7,575,000. Wawa is located at 580 US Rte. 1. The property consists of a 4,736 s/f building and a gas station and convenience store on 1.99 acres of land. Wawa has a new 20 year, corporately backed, ground lease (Abso - lute NNN) with six, 5-Year Options. The lease features 10% rent increases every five years beginning in year 11 of the lease and continuing throughout both the primary term and the option periods. Charles Loccisano and Lombardi of Horvath & Trem - blay have completed the sale of the Instone Distribution Center in Millstone. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction SAVANNAH, GA — First National Realty Partners, LLC (FNRP) announced the addition of McAlpin Square in Savannah to its expanding grocery-anchored shopping center portfolio. The 170,000 s/f asset marks the Red Bank, NJ-based firm’s fourth prop - erty in the State of Georgia. McAlpin Square is an - chored by a 43,600 s/f Kroger, one of the original tenants at the center, which opened in 1980. Kroger operates a branded onsite fuel center, reinforcing its commitment to the property and driving increased traffic to benefit its co-tenants. McAlpin Square’s national retailers include Big Lots, Goodwill, US Postal Service, Family Dollar, Rain -
Michael Lombardi
Charles Loccisano
Matt Nadler
at a sale price of $6,222,150. The Instone Distribution Center is located at 4 Wren Haven Dr. The property is improved with a 44,000 s/f building (4,000 s/f office and 40,000 s/f warehouse) on 5.26-acre parcel in the Red Valley Industrial Park. The property is 100% leased to Instone, the largest whole - sale stone distributor of thin veneer masonry products in the United States, has 6+ years remaining on their Double Net Lease with one, 5-year renewal option. The lease features annual rent in - creases throughout the base term and renewal option. Additionally, the Property has a long-term lease with Lamar for a Billboard on the property, providing ad -
ditional passive income. The property is well located in the burgeoning four-property Red Valley Industrial Park. Situated just off of Trenton Lakewood Rd. (NJ Rte. 526). Matt Nadler of Horvath & Tremblay has completed the sale of the Middletown Plaza in Middletown. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $9,750,000. The Middletown Plaza is located at 1287 Rte. 35. The prop - erty was constructed in 2021 and consists of an 11,505 s/f retail plaza leased to Mavis Discount Tire, Sissy’s Nails & Spa, Dunkin’, and Lascara, and a 10,000 s/f single tenant building leased to The Learn - ing Experience. The property
open-air retail centers in primary and key secondary markets. FNRP’s additional Georgia properties, all lo - cated in the Atlanta Metro market, include City Center Crossing in Sandy Springs, Crossroads South in Jones - boro and Crowes Crossing in Stone Mountain. “McAlpin Square provides a perfect opportunity for FNRP to expand our Georgia portfolio while establishing a presence in one of the southeast’s lead - ing coastal markets,” said An - nibale. “This market-dominant shopping center has retained its anchor tenants for an aver - age of 21 years, and the prop - erty’s unrivaled location has great synergy in an expand - ing marketplace.” Annibale enjoys excellent visibility and frontage and is situated on 2.88 acres of land. The Learn - ing Experience, Mavis, and Dunkin’ have attractive rent increases every five years throughout their base terms and at the start of each re - newal option. Sissy’s Nails & Spa and Lascara have annual rent increases throughout their base term and renewal options. All of the tenants have Double-Net leases. The property is strategically lo - cated along NJ Rte. 35, the primary commercial corri - dor traversing Middletown, NJ. The Property enjoys outstanding visibility and frontage and benefits from excellent traffic counts. The Property is 0.4-miles from the area’s two primary grocery
added that the center’s 5,600 s/f of available space provides significant upside potential by way of increased occupancy and cash flow. Located at 1900 East Vic - tory Dr., McAlpin Square sits at the intersection of East Victory Blvd. and Tru - man Pkwy., just three miles southeast of downtown Sa - vannah. The densely popu - lated retail corridor boasts daily traffic counts exceed - ing 59,000 vehicles, and the center serves a growing population of more than 132,000 within a five-mile radius of the property. David Rivers of Palo- mar represented the sell - er in the McAlpin Square transaction. MAREJ stores, 1.4 miles from the area’s elementary and high schools, and 1-mile from the Middletown Train Station. Lombardi has completed the sale of 7-Eleven in Clark, NJ. Horvath & Tremblay represented the seller and procured the buyer to com - plete the transaction at a sale price of $1,410,000. 7-Eleven is located at 10 Westfield Ave. 7-Eleven has been at this lo - cation since 2012 (10 Years) and recently extended their lease, demonstrating their commitment to the site and the market. 7-Eleven has 5+ years of term remaining on their lease with two addition - al 5-year renewal options. The lease features a 10% rent increase at the start of each renewal option. MAREJ
New Jersey’s First National Realty Partners acquires grocery-anchored shopping center in Savannah, GA
McAlpin Square
bow, Rent-A-Center, Subway, Domino’s and GameStop. According to FNRP’s Matt Annibale , senior director
of acquisitions, the McAlpin Square acquisition aligns with FNRP’s strategic nationwide expansion targeting premier
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