May 6, 2022 – Mike Lombardi of Horvath & Tremblay has successfully completed the sale of the Pennington Avenue Shopping Village in Trenton, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer, an affiliate of Iron Ore Properties, LLC, to complete the transaction at a sale price of $7,450,000.
The Pennington Avenue Shopping Village is located at 359 Pennington Avenue (NJ Route 31) in Trenton, New Jersey. The Property consists of a 25,791 square foot Super Food Supermarket and an inline strip center. In total, the Pennington Avenue Shopping Village contains 57,906 square feet of gross leasable area on a 5.36-acre corner parcel. The well-maintained Property was constructed in 2003 and is currently 92.75% leased to an attractive mix of fifteen retail, restaurant, and neighborhood service tenants, many of which have been long-term tenants at the Pennington Avenue Shopping Center. The Property offers excellent frontage along Independence Lane and the heavily travelled Pennington Avenue with pylon signage and four (4) points of access, and is 1-mile from US Route 206 and 1.25-miles from US Route 1. The Property is also situated on the Trenton Municipal Bus Line with a stop for the 607 and 624 lines offering service throughout Trenton and the surrounding towns. Pennington Avenue Shopping Village is extremely well located just outside of Trenton’s Central Business District in the Pennington/Prospect neighborhood. The Property enjoys convenient access to all parts of the city and is surrounded by densely populated residential neighborhoods.
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.