October 13, 2021 – Michael Lombardi, Steve Schiavello and Patrick Gray of Horvath & Tremblay have successfully completed the sale of a Dollar General and Bank of America ATM in Ventnor City, New Jersey. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,150,000.
The Dollar General and Bank of America ATM are located at 4900 Wellington Avenue in Ventnor City, New Jersey. The 9,900 square foot building was renovated and remodeled for Dollar General in 2014. Dollar General took possession of the premises and their 10-year, corporate lease, commenced on September 1, 2014. The double net lease has 3+ years of primary term and two (2), 5-year renewal options. The Property also features a Bank of America ATM pad-site with a drive-thru lane that has a 3+ years remaining on their 10-year lease with two (2), 5-year renewal options. The Dollar General lease calls for 10% rent increases at the start of each renewal option. The Bank of America lease also calls for 10% rent increases at the start of each renewal option. The Property is strategically positioned in a highly visible location along Wellington Avenue, the primary artery providing access to Ventnor, and is adjacent to an ACME Market anchored Ventnor Plaza. ACME Market is the only grocery store on the barrier island and draws a significant amount of pedestrian and vehicular traffic to the site. More than 17,750 vehicles pass the property daily on Wellington Avenue.
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.