359-23 Sussex NJ 07461

RECENT LEASE EXTENSIONS
Current ownership has added significant value to the property by extending all the tenant’s leases and stabilizing the rent roll. Walgreens extended their lease 7yrs while both Sussex Dental Center and the Physical Rehabilitation Center signed new 10yr leases with sizeable annual rental increases in both cases (3% & 4% respectively)

MAJOR CAPEX IMPROVEMENTS
Current ownership recently installed a new 20-yr roof with a transferrable manufacturers’ warranty, a completely new boiler that services the entire property as well as making major upgrades to the property’s façade which greatly reduces the possibility of deferred maintenance issues for the landlord going forward

ANNUAL RENTAL INCREASES
Walgreen’s lease features a rare 7.5% rental increase in December of 2023 while Sussex Dental Center (3%) and Physical Rehab Center (4%) both feature annual rental increases, creating continuous yield growth throughout the hold period.

NEW YORK CITY MSA - HIGH BARRIER TO ENTRY MARKET
Sussex, NJ is located in Sussex County, part of the highly sought-after New York City MSA, featuring some of the best demographics in country in terms of density and affluence

WALGREENS ANCHORED MEDICAL CENTER
Walgreens, rated “BBB” by Standard and Poor’s, is an investment grade credit tenant and represents 64% of the annual rental income of the subject property which is 100% occupied by medical-related tenants

ESTABLISHED & SUCCESSFUL PHARMACY LOCATION
The subject property has been home to a pharmacy tenant (Walgreens, Rite Aid, Thrift Drug) for over 21 years which included several lease extensions in addition to the most recent 7yr extension

100% OCCUPIED BY MEDICAL
The subject property is 100% occupied by medical related/essential tenants who are heavily invested into their spaces which greatly reduces the risk of vacancy in the future

AFFLUENT DEMOGRAPHICS
The subject property's demographic area features average household incomes over $108K in 3 miles and $114K within 5 miles surrounding the property

HIGHLY VISIBLE & EASILY ACCESSIBLE
The subject property is ideally located with excellent frontage and visibility on Route 23, with traffic counts exceeding 17,000 vehicles per day

LIMITED COMPETITION
This Walgreens is the “go-to” name brand pharmacy for local residents and serves a wide geographic customer base; the nearest Rite Aid is 4 miles away, the nearest Walgreens is 6.5 miles away, and the nearest CVS is 7 miles away

DOUBLE DRIVE-THRU
Walgreens has a double-drive thru which has been an integral part of any tenant’s success throughout the recent pandemic and is a salient point to most tenants in the future if necessary