Lenape Plaza

Essential Needs-Anchored Strip Center
Anchor Tenant: CVS
Mays Landing, NJ

Read Case Study
  • Purchase Price
    $2,375,000
  • Sold Price
    $4,115,000
  • Hold Period
    5 Years
  • Net IRR
    13.5%1
  • Investor EM
    1.33x

Anchor Tenants

Property Overview

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.

Gallery

Property Highlights

  • Lenape Plaza is a 17,105 SF CVS-anchored shopping center located in Mays Landing, NJ.
  • The CVS anchor is one of the highest-performing CVS stores in the state because of its high sales volume.
  • FNRP secured a new 20-year lease with CVS that included increases in base rent over time. This lease extension included four additional 5-year extensions which also had base rent increases over time, increasing the rent value by 24% by 2020.
  • FNRP leased up remaining vacancies and secured long-term renewals from key community favorites, including a salon, laundromat, and several restaurants.
  • Only a year after the acquisition, FNRP was able to refinance the asset and distribute $2M of capital back to Limited Partners on top of regular quarterly distributions.
Read The Whole Story Here

Your Personal Investor
Relations Associate

Joseph Palermo
Joseph Palermo
+1 (732) 607-5491

Location

Contact

Contact

Investor Relations

  • Email

ir@fnrpusa.com

  1. Net IRR (Internal Rate of Return) is defined as the average annualized, compound rate of return using equity contributions and distributions as they occurred on specific dates during the investment period reflective of all fees charged and paid to First National Realty Partners, LLC and its affiliates and subsidiaries. Securities are only available to verified accredited investors who can bear the loss of their investment. Please contact FNRP for an explanation of how such numbers are calculated.
lenape plaza
Facebook-f Instagram Linkedin Share

CORPORATE HEADQUARTERS

151 Bodman Place, Suite 201
Red Bank, NJ 07701

For all media inquiries,
Contact:

lenape plaza
NOTICE: An investment in commercial real estate is subject to risk, including the risk that all of your investment may be lost. Any representations concerning investing in commercial real estate; to include representations as to stability, diversification, security, resistance to inflation and any other representations as to the merits of investing in commercial real estate reflect our belief concerning the representations and may or may not come to be realized. *Cash distributions are not guaranteed. Any offer of a security may be made to accredited investors only pursuant to Rule 506(c) of the U.S. Securities Act of 1933, as amended (the “Act”), by an authorized representative by delivery of a complete copy of an offering memorandum including all exhibits. By using this website, accessing any material contained on this website, registering, requesting a password, or by clicking a “submit” button or the like, I hereby acknowledge, agree and warrant, under penalty of law, that (1) I am an “accredited investor” as defined by Rule 501(a) of the Act; (2) I can provide the required documentation to establish my status as an accredited investor and (2) my typed name on the electronic registration form, if submitted, is my electronic signature and is the legally binding equivalent to my manual handwritten signature.

Copyright ©2025. FNRP. All Rights Reserved

Privacy Policy
Share FNRP Deals