May 21, 2021 – Bob Horvath, Todd Tremblay and Mike Lombardi of Horvath & Tremblay have successfully completed the sale of Santander Bank in Matawan, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,150,000.
The Santander Bank building is located at 160 Main Street in Matawan, New Jersey. The Property consists of a 4,890 square foot single tenant building on a 0.64-acre parcel. Santander Bank recently exercised their renewal option on their Absolute NNN lease. Santander Bank has 4+ years remaining on the lease with five (5), 5-year renewal option remaining. The lease features 5% rental increases at the start of their renewal option periods. This is an Operating Santander Branch that is currently on the anticipated closure list. Santander Bank subleases 2,400 of the 4,890 square feet in the building to Isaacson Orthodontics, they are paying $4,400 per month, on a month-to-month basis. Santander Bank is situated on a corner parcel at the intersection of Main Street and Spring Street. The location is part of a strong trade area centered around the Matawan Train Station and the Lower Main Street and Garden State Parkway junction, with numerous national tenants and retail centers drawing traffic to the area. Matawan is an affluent town along the northern portion of the New Jersey shoreline and is approximately 35 miles south of the New York City.
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.