September 21, 2022 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of the River Vale Strip Center in River Vale, New Jersey. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $1,200,000.
The River Vale Strip Center is located at 663 Westwood Avenue in River Vale, New Jersey. The Property is improved by a 5,845 square foot building that is 100% leased to four local tenants. Three of the four tenants have long term leases, and the fourth tenant, PJ’s Cleaners, has occupied this location since 1998 and has 1+ year remaining on their lease with a 5-year renewal option. PJ’s cleaners has consistently renewed their lease demonstrating their commitment to the site and market. Additionally, all four tenants feature attractive annual rent increases. The Property is well-located at the signalized intersection of Westwood Avenue and Rivervale Road, the area’s two primary commercial and commuter corridors, and the commercial center of River Vale. The Property is situated in a suburban neighborhood in close proximity to the Westwood Train Station, five area high schools, the Hackensack Meridian Health Center (Hospital) and the Garden State Parkway. River Vale is an affluent community in the Pascack Valley region of Bergen County and is approximately 20 miles from Midtown Manhattan.
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.