122 W Oak Ave 140,590 SF Retail Building Lawnside, NJ 08045 $15,125,876 CAD ($107.59 CAD/SF) 5.35% Cap Rate

Below Market Rental Rate – The Tenant, Lowe’s Home Centers, Inc., is subject to a NNN ground lease with five years remaining after recently exercising is second contractual option renewal. The tenant benefits from a highly attractive below-market rent rate under $5 PSF, which is significantly lower than comparable retail or industrial box space in Southern New Jersey. Market activity in the Southern New Jersey corridor suggests that similar box space typically commands rents well above $10 PSF for both retail and industrial space. As such, the low rent rate gives the tenant a very favorable occupancy cost, helping support long-term profitability and reducing downside risk. At the same time, it creates a clear mark-to-market opportunity for investors over the long term should the tenant vacate. In the meantime, investors will benefit from 10% increases in each option period, or the opportunity to do a “blend extend” with Lowe’s if so desired.
Proven Operating History with Ongoing Tenant Investment – Lowe’s has operated at this location since 2001, highlighting more than two decades of tenancy in a well-established trade area which is highly restrictive to new development. The tenant has exercised two contract renewal options to date, underscoring the strength of the location’s sales performance. In addition to its renewals, Lowe’s has continued to invest in the property, including a roof replacement in 2016 and the installation of solar infrastructure in 2022/2023. This location is one of 174 locations across the chain to receive this solar upgrade. This continued capital investment further underscores the tenant’s commitment to the site.
Stand-Alone Parcel in Infill Market – The property sits on a flat 15.503-acre parcel. The site is zoned C-1, which permits a wide range of commercial uses, making it flexible for continued retail occupancy or alternative commercial uses over time. In addition, the parcel directly to the rear of the Lowe’s is classified as an “Industrial (NEC)” land use, and there is strong likelihood such zoning could be afforded to the subject site if pursued. Regardless of zoning, retail and industrial rental rates alike are in excess of $10 PSF today for this box, and as the property is not restricted by easement agreements or other restrictive documents, there is immense flexibility for its reuse.
Dense Infill Market with Institutional Quality Demographics – The property is located along the heavily traveled Route 30 retail corridor in Southern Camden County, proximate to the New Jersey Turnpike and Interstate-276. It also benefits from exceptional demographics. Within a three-mile radius, the tenant is supported by 112,479 residents with an average household income of $126,982, growing to over 292,000 residents within five miles with incomes exceeding $118,000. This dense and affluent consumer base supports sustained retail demand and consistent daily traffic. The location is well-positioned within the broader Southern Camden County, offering a mature, infill market with strong fundamentals and limited new supply.
Investment Grade Retailer - Lowe’s Home Centers, Inc. (NYSE: LOW) is one of the largest home improvement retailers in the world, operating approximately 1,700+ stores across the United States and generating $86.286 billion in annual revenue. The company serves both DIY customers and professional contractors, maintaining a leading position in the highly durable home improvement sector. Lowe’s carries solid investment-grade credit ratings, including “BBB+” (S&P) and Baa2 (Moody’s), reflecting its strong balance sheet and consistent cash flow profile. As a publicly traded company with strong brand recognition, Lowe’s represents a high-quality, institutional tenant with a long track record of performance and stability at this location.