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More details for 1200 State Route 35, Middletown, NJ - Retail for Sale

CVS - 1200 State Route 35

Middletown, NJ 07748

  • NNN Property
  • Retail for Sale
  • $15,095,519 CAD
  • 13,567 SF

Middletown Retail for Sale - Eastern Monmouth

Boston Real Estate Advisors is pleased to present this exclusive opportunity to purchase a net-leased CVS property located at 1200 Highway 35 South in Middletown, New Jersey (the “Property”). There is 20 years remaining on the initial 25-year lease term with 8, five year renewal options. The option periods include a 10% rent increase at the start of each option period. The property is located at a highly visible, 1.9 acre corner parcel at the intersection of Route 35 and New Monmouth Road in a strong retail area. Middletown is located in northern New Jersey and is a part of the New York Metropolitan area. INVESTMENT HIGHLIGHTS: *INITIAL 25-YEAR TERM: There are 21 years remaining on the initial 25-year lease term with 8, five-year renewal options that include a 10% rent increase at the start of each option period. *BUILDING CONSTRUCTION DATE: The building was constructed in 2019. *INVESTMENT GRADE CREDIT: The lease Guarantor is CVS Health Corporation (NYSE: CVS). CVS has a credit rating at BBB+ (S&P) and Baal (Moody’s) *LOCATION: The property is located at a signalized corner parcel at the intersection of Route 35 and New Monmouth Road. *HIGH TRAFFIC COUNTS: Route 35 has an average daily traffic count of over 30,000 vehicles and New Monmouth Road has an average daily traffic count of over 11,000 vehicles. *DEMOGRAPHICS: There are over 50,000 people living within a 3-mile radius to the property with an average household income of over $130,000.

Contact:

Boston Real Estate/Coastline Real Estate Advisors

Property Subtype:

Drug Store

Date on Market:

2023-05-17
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