December 9, 2022 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a two-tenant retail building in Voorhees, New Jersey. Horvath & Tremblay exclusively represented the seller to complete this transaction at a sale price of $2,553,000.
Fed-Ex and NJ Plant Based Compassion is located at 903 White Horse Road in Voorhees, New Jersey. The two-tenant plaza is improved with FedEx Office and a NJ Plant Based Compassion dispensary and contains 6,664 square feet on a 1.98-acre parcel. FedEx signed a brand new, 10-year lease in 2020 that currently has over 7 years of term remaining followed by two (2), 5-year options. NJ Plant Based Compassion (an affiliate of lease guarantor Sweetspot Brands LLC, which has affiliated cannabis cultivation and retail entities in several states) is also on a new 10-year lease that will commence in August 2022, followed by one (1), 10-year option. The FedEx lease calls for 10% rental increases at the start of each renewal option, while the NJ Plant Based Compassion lease calls for attractive 2% annual rent increases throughout the base term and renewal option. The Property is strategically located along White Horse Road in the Echelon neighborhood of Voorhees Township. The area features a strong concentration of national and local retailers, mixed with business operations, schools and dense residential neighborhoods. The Property is in close proximity to the Jefferson Health Voorhees campus, Eastern Regional High School and Harris School of Business, as well as several large retail centers driving traffic to the area. The Property has site plan approvals in place for an additional 2,136 square feet of space, only a building permit from the town is needed to build the additional space.
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.