142 NJ-73, Voorhees Township, NJ, 08043, US

Aldi - Voorhees, NJ

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the ground leased interest in a ±19,054 square foot, single-tenant Aldi located at 142 NJ-73 in Voorhees Township, New Jersey (“Property” or “Asset”). Aldi is currently operating on a 20-year ground lease (subject to condo declaration) with ±13.7 years of term remaining, four, five-year options and 10.0% rent escalations every 5-years.

The Asset is 100% leased to Aldi Inc. (“Tenant”), a multinational discount grocery chain and one of America’s fastest-growing retailers. Aldi plans to add 800 stores nationwide by the end of 2028 through a combination of new openings and conversions and invest more than $9 billion. Aldi recently completed the acquisition of Southeastern Grocers, driving significant growth in the Southeast region.

Aldi is positioned in Voorhees Township within the southeastern submarket of the Philadelphia MSA. The Township is home to a highly affluent residential base, with an average household income of $278,000+ within a 1-mile radius. Voorhees Township is recognized as one of the best places to live in New Jersey

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Attributes

Asking price

$4,949,000

Cap rate

5.1%

NOI

$253,000

WAULT

13.7 years

Building area net

19,054 sf

Year built

2018

Land area gross

1.81 acres

Media

Investment highlights

Aldi is one of America's fastest-growing retailers with plans to add 800 stores nationwide by the end of 2028
Operating on a ground lease with ±13.7 years of primary lease term remaining and four, five-year renewal options with 10% rent increases every 5-years
Incredible demand characteristics driven by a 1-mile AHHI of $278K and 158K+ residents within a 5-mile radius
Positioned as a pad site to Lowe's and BJ's Wholesale which generate a combined 1.6M+ visits annually
Adjacent to Virtua Voorhees Hospital, a full-service, award-winning medical center with 368-beds