July 7, 2022 – Bob Horvath, Todd Tremblay and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of Fortunoff in Metuchen, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $5,130,000.
Fortunoff is located at 127 West Kelly Street in Metuchen, New Jersey. The stand-alone building consists of 14,400 square feet on a 1.08-acre parcel of land. Fortunoff Backyard Store signed a brand new, 10-year lease at the close of escrow, with three (3), 5-Year renewal options. The lease calls for 10% rental increases every five years throughout the base term and options periods. Founded in 1922, Fortunoff is an iconic brand in the northeast with 27 locations selling high-quality outdoor furniture in New York, New Jersey, Connecticut, Delaware, and Pennsylvania. The Property is strategically located along West Kelly Street, with excellent visibility and access on US Route 1, a primary commuter highway and retail corridor with many national retailers and restaurants driving traffic to the trade area. Fortunoff Backyard Store is close to two major shopping malls – the Menlo Park Mall (0.8 miles) and the Woodbridge Center (1.4 miles). The Property also benefits from its proximity to Interstates 287 and 95, as well as a number of regional highways. Metuchen is a small bedroom suburb of New York City, located in the heart of the Raritan Valley region within the New York metropolitan area. The densely populated area is 10-miles southwest of Staten Island, 19-miles south of Newark, and just 30-miles from 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.