The Gardens - Mt. Olive, NJ_Property for Sale

Mount Olive, NJ, US, Americas

The Gardens - Mt. Olive, NJ

Description

Jones Lang LaSalleAmericas, Inc.(“JLL”) is pleased to offer for sale The Gardens – Pad Site Portfolio (the “Portfolio”), which consists of eight, net-lease properties across seven pad sites, totaling 32,493 square feet (14.33 acres), located at 30-50 International Dr S in Flanders, Morris County, New Jersey. The Gardens – Pad Site Portfolio offers a fully leased net lease investment with long-term credit tenants and a weighted average lease term of approximately 11.8 years. Each lease includes 10% rent escalations every 5 years, ensuring consistent NOI growth.

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Attributes

NOI

HK$9,575,000

WAULT

11.8 years

Building area gross

32,493 sf

Occupancy

100%

Number of units

The Gardens - Mt. Olive, NJ (7 Properties)

Media

Investment Highlights

100% occupied net lease portfolio featuring long-term credit tenancy
Weighed average lease term of 11.8 years with structured 10% escalations every 5-years, providing consistent and contractual NOI growth
1-mile radius of the portfolio features explosive 59% population growth since 2010 with an affluent residential base earning $201K+ in average household income
Within a 10-mile radius, consumer spending demand is $982M on food and alcohol
Adjacent to area highways including Route 206, I80 and Route 46 with a combined traffic flow over 130,000 VPD
Dominant power-center anchored by Lowe’s and Walmart that recently underwent renovations and new tenant additions
The Gardens generates more than 4.5 million visits annually, up by more than 1 million since the center’s new tenancy and property enhancements
Ranks in the top 6% of most visited shopping centers in New Jersey and the U.S.