June 2, 2017 – Brian Ahrens, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Walgreens in West Milford, New Jersey. Horvath & Tremblay represented the 1031 exchange buyer to close the property at a sale price of $10,655,238, a 5.25% cap rate.
Walgreens is located in the affluent community of West Milford, NJ along Union Valley Road. Operating under an absolute triple net lease, Walgreens has 17.5 years remaining on the base term of the lease with four, 5-year renewal options with 10% rental escalations every 10 years. Union Valley Road is the main retail corridor traveling throughout the township of West Milford. The property is surrounded by many national tenants including ShopRite, McDonalds, Dunkin’ Donuts, TJ Maxx and H&R Block. It is also located near many national and regional banks including Wells Fargo, M&T Bank, Bank of America, Lakeland Bank, and Columbia Bank. The property is less than a half mile from West Milford Physical Therapy and one mile from Chilton Ambulatory Care Center. There is a very high political barrier to entry for new construction in and around West Milford, adding to the intrinsic value of the property.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.