May 26, 2023 – Rob DiFranco and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of the CVS Plaza in Manville, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $4,400,000.
The CVS Plaza is located at 321 Main Street in Manville, New Jersey. The three tenant plaza contains 13,827 square feet of gross leasable area on 1.26 acres of land and is home to CVS, Dunkin’ and Hair House International Salon. CVS has been in the center since it was constructed (more than 25 years) and recently demonstrated their commitment to the site and the market by executing a long-term lease extension. CVS has 11+ years remaining on their lease with two (2), 5-year renewal options. Dunkin’ has 18+ years remaining on their 20-year lease with two (2), 5-year renewal options. Hair House International has been at this location for more than 12 years and is on a month-to-month lease. CVS’s lease features attractive 8% percent rent increases at the start of each renewal option. Dunkin’s lease calls for a 5% rent increase in 2026 and 7.5% rent increases every 5-years thereafter. The Property is situated at the signalized intersection of Kyle Street and S Main Street, the area’s primary commercial and commuter corridor. Located in Downtown Manville, the CVS Plaza enjoys outstanding visibility, frontage and access from both S Main Street and Kyle Street. The Property also benefits from prominent signage. The Property is surrounded by densely populated residential neighborhoods and provides a convenient location for area residents. The CVS Plaza is 1-mile from Manville High School, 1.5-miles from US Route 206, and is 3-miles from Interstate 287 and the Bridgewater Train Station.
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.