Essential Needs-Anchored Strip Center
Anchor Tenant: CVS
Mays Landing, NJ
While FNRP specializes in grocery-anchored tenants, other examples of essential CRE include pharmacies, like the CVS Pharmacy that serves as the anchor tenant of the 17,105 SF shopping center. One of the main reasons, FNRP’s team narrowed in on this property was because of this CVS’s strong performing sales revenue records in the state of New Jersey.
Upon acquiring Lenape, FNRP’s industry-leading leasing team stepped and worked with CVS to secure a 20-year lease renewal to add tremendous value to the property. Additionally, FNRP refinanced the asset and distributed $2M of capital back to Limited Partners on top of regular quarterly distributions.
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