September 4, 2019 – Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of CVS Pharmacy in Middletown, New Jersey. Horvath & Tremblay exclusively represented the seller in this transaction which closed at a sale price of $10,800,000, a 5.45% cap rate.
The new construction CVS Pharmacy is located at 1200 Highway 35 South in Middletown, New Jersey. The stand-alone brick building contains 13,567 square feet, including a drive through on a 1.91-acre lot. CVS has a new 25 Year NN Lease plus eight, 5-year renewal options, each of which has a 10% rent escalations. The new construction property is located at a signalized intersection and is surrounded by other national retailers. Middletown is a very affluent area in northern New Jersey that boasts excellent demographics and is part of the New York Metropolitan Area.
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.