July 26, 2022 – Michael Lombardi and Rob DiFranco of Horvath & Tremblay have successfully completed the sale of an Advance Auto Parts and Mavis in Bergenfield, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete this transaction at a sale price of $5,940,000.
Advance Auto Parts & Mavis Discount Tire are located at 52 New Bridge Road in Bergenfield, New Jersey. Advance Auto Parts has occupied this location since 2003 and recently extended their lease demonstrating their commitment to both the site and the market. Advance Auto has 9+ years remaining on their double-net lease with three (3), 5-year renewal options. The lease features a 10% rent increase in 2026 and at the start of each of their renewal options. 52 New Bridge Road is comprised of 13,692 square feet, which is significantly larger than the typical Advance Auto Parts footprint. As such, Advance Auto Parts subleases a portion of their space to Mavis Discount Tire. The Mavis space is perfectly suited for the tenant and offers six (6) service bays, a small office, and a waiting area/showroom. Advance Auto Parts and Mavis are situated along New Bridge Road, and are less than 1,000 feet from the signalized intersection with S Washington Street, the area’s primary retail and commercial thoroughfare. The Property enjoys outstanding visibility and access and is adjacent to a Lidl and is seconds from a Walgreens and the Aldi-anchored Foster Village Shopping Center that drive traffic to the area as the Property sees more than 26,900 vehicles per day. The Property also enjoys convenient access to the Palisades Parkway, the Garden State Parkway, Interstates 95 and 80 and NJ Route 4.
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.