Lenape Plaza

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

Read Case Study
  • Purchase Price
    $2,375,000
  • Sold Price
    $4,115,000
  • Hold Period
    5 Years
  • Investor IRR
    13.50%
  • 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

Location

Contact

Contact

Mike Mirman

  • Email
mmirman@fnrpusa.com

Get a Position in ALL of FNRP’s Deals with Our Grocery Anchored Opportunity Fund

Reserve Your Position
Facebook-f Twitter Instagram Linkedin-in

CORPORATE HEADQUARTERS

151 Bodman Place, Suite 201
Red Bank, NJ 07701

NOTICE: This website and the content presented herein is not directed to any person who is a resident of the United States or U.S.-territories or the resident of any other particular jurisdiction. This website and the content presented herein is not an offer to sell or a solicitation to buy securities, commodities, or any other form of investment or product. An offer 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; 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 ©2022. FNRP. All Rights Reserved

Privacy Policy
Please enter your email address to access Deal Lobby Content.