Shopping Strip

Union Avenue Plaza

Listing Price: $3,950,000

Cap Rate
6.64%
Gross SF
17,164
Rentable SF
17,164
Price/Gross SF
$230.13
Lot Size
2.23 acres
Year Built
1989

Investment Overview

Marcus & Millichap had been exclusively retained by ownership for the disposition of their fee simple interest in 1602 1618 Union Avenue (Union Avenue Plaza) located in Hazlet, Monmouth County, New Jersey. The 100% leased out neighborhood retail strip center consists of 17,164 square foot and sits on roughly 2.23 acres. The center consists of six tenants with four of the tenants consistently operating there over ten years. All tenants have annual rental rate increases, personal / corporate guaranteed leases, options for lease renewal and every tenant has a triple net lease structure except for Quick Chek which has a double net lease structure (no reimbursement for insurance).

Ownerships meticulous care of the property over their 11 year hold period had resulted in long term retention of the internet proof, daily needs and service tenants serving their beloved customer base from the surrounding communities. In addition, Ownership completed major capital improvements in 2016 / 2017 with the addition of new windows / doors, a new faade wrapping the center, a new canopy covering the new concrete walkway and new asphalt with new stripping. The current asset provides new ownership with minimal maintenance and piece of mind for many years to come!

The asset is strategically located at the traffic light, jug handle intersection of State Route 36 and Union Avenue with a combined traffic count of 42,592 vehicles per day. At the intersection of State Route 36 and Union Avenue Plaza you will find Burger King, Bank of America and Speedway on opposite intersection corners. The property consistently serves a community which includes International Flavors & Fragrances facilities, Hazlet City Hall, numerous schools in multiple directions and a mobile home community on the adjacent lot. The community's dense population of 128,290 people has an average household income of $122,370 within a five mile radius.

Investment Highlights

  • 100% Leased: Stable investment leased to strong regional tenant base
  • Net Leased: NNN leases, annual increases and personal guarantees
  • Well Maintained: In 2016 / 2017, ownership completed major capital improvements
  • Value-Add: Building expansion, tax appeal and exterior ATM options
  • Tenants: Long term, internet proof, daily need and service based

Exclusively Listed By

Listing Price: $3,950,000

Cap Rate
6.64%
Gross SF
17,164
Rentable SF
17,164
Price/Gross SF
$230.13
Lot Size
2.23 acres
Year Built
1989

Investment Highlights

  • 100% Leased: Stable investment leased to strong regional tenant base
  • Net Leased: NNN leases, annual increases and personal guarantees
  • Well Maintained: In 2016 / 2017, ownership completed major capital improvements
  • Value-Add: Building expansion, tax appeal and exterior ATM options
  • Tenants: Long term, internet proof, daily need and service based

Investment Overview

Marcus & Millichap had been exclusively retained by ownership for the disposition of their fee simple interest in 1602 1618 Union Avenue (Union Avenue Plaza) located in Hazlet, Monmouth County, New Jersey. The 100% leased out neighborhood retail strip center consists of 17,164 square foot and sits on roughly 2.23 acres. The center consists of six tenants with four of the tenants consistently operating there over ten years. All tenants have annual rental rate increases, personal / corporate guaranteed leases, options for lease renewal and every tenant has a triple net lease structure except for Quick Chek which has a double net lease structure (no reimbursement for insurance).

Ownerships meticulous care of the property over their 11 year hold period had resulted in long term retention of the internet proof, daily needs and service tenants serving their beloved customer base from the surrounding communities. In addition, Ownership completed major capital improvements in 2016 / 2017 with the addition of new windows / doors, a new faade wrapping the center, a new canopy covering the new concrete walkway and new asphalt with new stripping. The current asset provides new ownership with minimal maintenance and piece of mind for many years to come!

The asset is strategically located at the traffic light, jug handle intersection of State Route 36 and Union Avenue with a combined traffic count of 42,592 vehicles per day. At the intersection of State Route 36 and Union Avenue Plaza you will find Burger King, Bank of America and Speedway on opposite intersection corners. The property consistently serves a community which includes International Flavors & Fragrances facilities, Hazlet City Hall, numerous schools in multiple directions and a mobile home community on the adjacent lot. The community's dense population of 128,290 people has an average household income of $122,370 within a five mile radius.

Exclusively Listed By

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