June 8, 2017 – Blake Barbarisi and Adam Mancinone of Horvath & Tremblay have successfully completed the sale of the Walgreens in Cherry Hill, New Jersey. Horvath & Tremblay represented the seller and procured the buyer to close the property at a sale price of $8,900,000, a 5.49% cap rate.
Walgreens signed a 25-year Absolute Triple Net (NNN) lease in 2010, which includes options periods through 2085. This has been a proven location for Walgreens since they opened approximately 6 years ago. The property is located just 3 miles from the New Jersey Turnpike (I-95) and Interstate 295. Adjacent to Fulton Bank at the corner of Chapel Avenue and Kings Highway North (NJ Route 41) the asset benefits from excellent visibility and close proximity to local shopping and all major thoroughfares within Cherry Hill. The asset has two dedicated means of ingress and two means of egress, one of which is shared with Fulton Bank. The property is located at the northwest corner of North Kings Highway and Chapel Avenue in Cherry Hill, Camden County, New Jersey. This corner, between both roads, also produces over 24,000 vehicles per day. Along the Kings Highway and Chapel Avenue corridors lies over two million square feet of office space comprised of mostly medical users. Located approximately a mile away (west) from the site on Chapel Avenue lies Kennedy Memorial Hospital; a regional hospital with over 200 beds serving the Cherry Hill Township. Adjacent to the site is the Judge William Lipkin Campus, which consists of two towers containing 144 units for Jewish Senior Housing and Healthcare Services. Next to the campus are the Towers of Windsor Park, featuring 525 luxury apartment homes. Cherry Hill has an estimated population of roughly 90,000, making it the tenth largest municipality in New Jersey and the largest in South Jersey. It is five miles from Philadelphia and is considered an edge city (bedroom community) of Philadelphia. With an affluent population, and average household income exceeding $95,000, this site will only appreciate over time and would be considered a trophy in any investor’s portfolio.
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.