February 13, 2018 – Bob Horvath, Todd Tremblay, and Peter Butler of Horvath & Tremblay have successfully completed the sale of Walgreens in Ewing, New Jersey. Horvath & Tremblay represented the seller to close the property for a sale price of $10,645,333 a 5.33% cap rate.
Walgreens fully occupies a brand new, 14,680-square foot building located along North Olden Avenue. Walgreens operates under a new 20-year corporately guaranteed, triple net (NNN) lease with 50, 1-year renewal options. The quintessential pharmacy location, situated in front of a popular ShopRite grocery store, is set on a highly visible, highly trafficked, signaled intersection, along a busy retail corridor that serves Ewing Township and its 36,000 residents. More than 29,000 vehicles pass the premises daily on Olden Avenue and over 13,000 on Parkside Avenue. Additional retailers in the immediate area attracting shoppers include: Home Depot, Planet Fitness, Advance Auto Parts, AutoZone, Meineke Car Care, Midas, Wells Fargo Bank, PNC Bank, Chase Bank, Taco Bell, Wendy’s, Burger King, McDonald’s, Popeye’s, Boston Market, Dunkin’ Donuts and several new car dealerships.
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.