Listed by JLL Chicago | Americas Headquarters, JLL - New York City, New York, JLL - Irvine (Orange County), California
$2,782,000
Fulton Bank - Lakewood, NJ
Details
Property Type Retail
Sub Type Bank
Square Footage 3,912
Cap Rate 6.7%
NOI $186,378
Occupancy 100%
Tenancy Single
Lease Type Absolute NNN
Lease Expiration 05/31/2039
Remaining Term 13
Rent Bumps Yes
Lease Options Three (3), Five-Year Options
Price per SqFt $711
Year Built 1980
Acreage 0.700
Investment Type Net Lease
Tenant Credit Credit Rated
Ground Lease No
Retail | 6.70% CAP | 3,912 SqFt
Marketing description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple Fulton Bank located at 205 E Kennedy Blvd in Lakewood, New Jersey (“Property” or “Asset”). Fulton Bank is operating on a 15-year absolute NNN lease with ±13.0 years of primary lease term remaining, 2.25% annual rent escalations, three, five-year renewal options and zero landlord responsibilities.
NJ Broker of Record: Jose Cruz - NJ License #: 8743725
Investment highlights
- Absolute NNN lease with ±13.0 years of primary lease term remaining
- Rare 2.25% annual rent escalations
- Fulton Bank carries investment grade credit ratings of 'A' from Morningstar DBRS and 'Baa1' from Moody's
- Lakewood is the #1 fastest growing municipality in New Jersey
- Frontage along E Kennedy Blvd, with accessibility to 72,000+ VPD
- Strong demand characteristics driven by 3-mile AHHI of $118K with 47% population growth since 2010
- Adjacent to Georgian Court University, a private Catholic university with 2,000+ students
Listing Contacts
Listed by JLL Chicago | Americas Headquarters, JLL - New York City, New York, JLL - Irvine (Orange County), California
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$186,378.00
$15,531.50/mo
Valuation Metrics
0
DSCR
6.7%
Cap Rate
6.7%
ROI
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