Horvath & Tremblay completes the sale of three retail properties for $9,473,153

Mid-Atlantic — Horvath & Tremblay has completed the sale of three Mid-Atlantic retail properties for $9,473,153.

Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a Wawa in Hereford, PA. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $7,365,000. Wawa is located at 1182 Gravel Pike in Hereford, PA. The new construction stand-alone convenience store and gas station had a rent commencement in March of 2022. The property consists of a 5,585 s/f convenience store and a gas station on a large 4.12-acre parcel of land. Wawa has a new 20 year, corporately backed, ground lease (Absolute 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 providing the investor with an attractive increase in revenue and a hedge against inflation. Wawa is strategically positioned at the signalized intersection of Chestnut St. (PA Rte. 100) and Seisholtzville Rd. (PA Rte. 29), the area’s two primary commuter roads. The property enjoys outstanding visibility from both roads and will serve as the primary convenience store and gas station for area residents and passing commuters.

Michael Agrifolio and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of a BP Gas Station in Bordentown, New Jersey. Horvath & Tremblay represented the seller to complete the transaction at a sale price of $609,000. The BP Gas Station located at 231 US Rte. 206 in Bordentown, NJ. The property has been operating as a successful gas station and convenience store for many years. The property is improved with a convenience store, eight fueling stations, a propane filling station, and an on-site air station and vacuum. The property features a new 10-year Double Net lease with annual rent increases that commenced in September 2021. The lease calls for annual rent increases throughout the base term. The property is situated at the convergence of US Rte. 206 and US Rte. 130, two of the area’s primary commercial and commuter roadways. These two heavily trafficked roadways directly connect to I-295 and I-95. The property lies less than 1-mile from downtown Bordentown and is surrounded by densely populated residential neighborhoods and enjoys convenient access to area schools and retailers. The property enjoys good visibility, signage, and frontage along US Rtes. 130 & 206. Bordentown is an affluent bedroom community of Philadelphia, located 30-miles northeast of the city.

Horvath & Tremblay’s Lombardi and Michael Talbert have facilitated the sale of Dunkin’ in Marlboro, NJ. Horvath & Tremblay exclusively represented the seller in this transaction at a sale price of $1,499,153. Dunkin’ is located at 34 US Rte. 9 N in Marlboro, NJ. Dunkin’ has been at this location since it was constructed in 2004 and has 2+ years remaining on their Absolute NNN Ground Lease with two, 5-year renewal options. The ground lease features an attractive 12.9% rent increase at the start of the first renewal option and a 12.5% rent increase at the start of the second renewal option, providing the investor with an attractive hedge against inflation. The property is set along US Rte. 9 NJ, 1-mile from the interchange with NJ Rte. 18, the areas two primary commercial and commuter corridors. The property benefits from outstanding visibility and frontage along US Rte. 9, and is surrounded by national retailers and restaurants.