April 30, 2019 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of a newly constructed Chase Bank ground lease in Middletown, New Jersey. Horvath & Tremblay represented seller to close the transaction at a sale price of $3,850,000, a 4.42% cap rate.
The Ground Leased parcel occupied by a brand-new Chase Bank is located at 1200 Highway 35 South. The ground lease has an initial 20-year term with four, 5-year renewal options. The Chase Bank ground lease calls for attractive 10% rent increases every 5 years during both the initial lease term and at the start of each option period. The stand-alone Chase Bank is located on a highly-visible, 1.13-acre parcel, at the intersection of Route 35 and New Monmouth Road. Additional prominent retailers attracting consumers to the trade area include T.J. Maxx, Bed Bath & Beyond, Livoti’s Old World Market, ShopRite, Sears, Staples, Petco, Rite Aid, Auto Zone, Applebee’s, Boston Market, Chuck E Cheese’s, Sonic, Wendy’s, McDonald’s, Bank of America and the adjacent brand-new CVS
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.