Investment Overview

Marcus & Millichap has been exclusively retained to market for sale 2500 Delaware Avenue in North Wildwood, New Jersey (the "Property"). As part of The Wildwoods, a thriving coastal resort in Cape May County whose population exceeds 250,000 in the summer months, the Property and the adjacent Acme (150 locations, owned by Albertsons) constitute the only parcels zoned for large-format retail in the entire municipality. Anchored by a CVS that has occupied the property since 1979, the Property is also home to Family Dollar. Both tenants lease space on a NN basis with corporate guarantees (see rent roll for details). Sunrise Nail Salon and Marvis Bagels occupy the balance of the rentable building square footage. Marvis Bagels pays $9.76psf in base rent compared to the weighted average base rent of $22.35psf for the balance of the building, presenting a future mark-to-market opportunity. Acme Markets, the sole tenant/occupant of the neighboring parcel (3.3 acres), pays ownership $5,100 per month for a license to access the Property's ingress, egress, throughways, and an unspecified amount of parking spaces. Acme itself has 162 parking spaces on its parcel. Though the Wildwoods attract visitation in the millions annually, the island has only two large-format, national grocers (the adjacent Acme and the Acme at 5200 Park Ave in Wildwood) who have the market cornered. The Acme at 5200 Park Ave sits on a mere 1.88 acres and has less than 100 parking spaces, compared to 162 spaces (plus parking provided by the Property) on 3.3 acres for the adjacent Acme. As such, the Property represents the opportunity to acquire one of the island's most coveted pieces of essential, destination-based retail that will reliably attract visitors and tenants alike. With a mark-to-market opportunity and development potential underpinned by investment grade tenancy and a strengthening locality, the Property presents to qualified investors the opportunity for a reliable stream of appreciating cash flow.