July 1, 2024 – Michael Lombardi of Horvath & Tremblay has successfully completed the sale of a new construction Panera Bread and Sleep Number in Burlington, New Jersey. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $4,980,834
The new construction two-tenant building, located at 2501 Mount Holly Road (Lot 1A) in Burlington, New Jersey, is a pad site within The Shops at the Crossings, an under construction 40-acre mixed-use development that, once completed, will consist of single tenant retailers and restaurants, multi-tenant retail buildings, large anchor tenants and a national hotel chain. The Property is located on lot 1A and consists of a 6,700 square foot building. Both Panera Bread and Sleep Number have new ten (10) year leases with two (2), 5-year renewal options. Both leases call for attractive 10% rent increases in year six of the primary lease term and at the start of each renewal option. The Shops at the Crossings is well located along Mount Holly Road (NJ Route 541), the area’s primary commercial and commuter corridor. Positioned at the signalized entrance for The Shops at the Crossings, the Property enjoys outstanding frontage, visibility and access and is and is 0.4-miles from Interstate 295 and 0.8-miles from the NJ Turnpike. The Property is adjacent to The Crossings, a large industrial development anchored by Amazon that will feature three industrial/warehouse buildings and will contain approximately 1.9 million square feet, and Towne Crossing Shopping Center, a 400,000+ square foot regional center anchored by Home Depot, Target, Kohl’s, and Dick’s Sporting Goods. Additionally, the Property is seconds from an under construction 500-unit apartment community.
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.