July 27, 2023 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a mixed-use building in South Orange, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,300,000.
The mixed-use building is located at 2-8 W South Orange Avenue in South Orange, New Jersey. The Property is a three-story, mixed-use, retail & office building with 4,217 square feet of space on a 0.08-acre parcel. 2-8 W South Orange Avenue is comprised of ten suites and is 97.32% occupied. The Property is anchored by Tito’s Burritos and Indique and is also leased to a complimentary mix of retailers and professional offices that serve the surrounding community. The Property also generates passive income from two billboards. Three of the tenants have double-net leases, with the tenants reimbursing for their pro-rata share of the operating expenses at the property, including CAM, Insurance and Taxes, and four of the tenants have scheduled annual rent increases providing a steady increase in income and hedge against inflation. 2-8 W South Orange Avenue is in an excellent location in downtown South Orange adjacent to a municipal parking lot, and the South Orange Train Station with service to Manhattan’s Penn Station. The Property is surrounded by a mix of national and local retailers, businesses, and attractions drawing consumers to the area. The Property is also close to Meadowlands Park and the quaint in-town Spiotta Park, both frequent locations for Town and community events. Additionally, construction is underway on the Vose & Taylor project, a 5-story, mixed-use redevelopment project that will bring 110 residential units and 10,000 square feet of second floor office space to downtown South Orange, approximately 500 feet from the Property on South Orange Avenue.
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.