Lenape Plaza

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

  • 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.

Location

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