Michael Lombardi Of Horvath & Tremblay Brokers $6.075M Retail Sale In Newton New Jersey

The property asset involved in the transaction is a newly constructed retail site located at 123 Water Street, Newton, NJ. The sale price was $6,075,000, and the property encompasses 8,726 square feet, resulting in a price per square foot of $696.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $6,075,000
• Square Footage: 8,726
• Price per Square Foot: $696
• Market: Newton
• Sale Date: 08/30/2024

The deal was brokered by Michael Lombardi of Horvath & Tremblay, who represented the parties in this transaction. The site is noted for long-term net leases with notable tenants including Starbucks, Chipotle, and Panera, featuring a structure designed for low-management investment with rent increases of 10% every five years.