December 15, 2021 – Mark Brockwell of Horvath & Tremblay has successfully completed the sale of a Bank of America ATM in Atlantic City, New Jersey. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,115,000.
The Bank of America ATM is located at 3320 Atlantic Avenue in Atlantic City, New Jersey. The property consists of a Bank of America ATM Pad Site with 2 Drive-Thru ATM’s. Bank of America recently executed an absolute NNN lease for 10 years with two, 5-year renewal options remaining. The lease features a 12.5% rental increase in year six and 12% rental increases at the start of each of the renewal option periods. The ATM’s are situated on a corner parcel at the signalized intersection of Boston Avenue, Captain John A O’Donnell Parkway and Atlantic Avenue, Atlantic City’s primary retail and commercial thoroughfare. The corner parcel enjoys excellent visibility and access for both vehicular and pedestrian traffic. The location is part of an exceptional trade area centered around the Atlantic City Boardwalk and Hotels/Resorts & Casinos. The location is ¼-mile from the Boardwalk and is surrounded by nine (9) Casinos and more than 15,000 hotel rooms. Atlantic City sees more than 27 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.