July 9, 2021 – Mark Brockwell of Horvath & Tremblay has successfully completed the sale of a Bank of America ATM in Wildwood, New Jersey. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $550,000.
The Bank of America ATM is located at 4315 Pacific Avenue in Wildwood, New Jersey. The property consists of a Bank of America ATM Pad Site with 2 walk-up ATM’s and four dedicated parking spaces. Bank of America recently executed an absolute NNN lease for 10 years with two, 5-year renewal options remaining. The lease features a 15.6% rental increase in year six and 10% rental increases at the start of each of the renewal option periods. The Bank of America ATM pad-site is situated on a corner parcel at the signalized intersection of Pacific Avenue and East Montgomery Avenue. The location is part of an exceptional trade area centered around the Wildwood beach and Boardwalk. The location is ¼-mile from the Boardwalk and is surrounded by more than 200 hotels and motels. The Wildwoods welcome more than 9 million visitors annually.
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.