-- Asset with a long-term NNN lease located in Cherry Hill, NJ --
Eastern Consolidated has arranged the $8.9 million sale of a free-standing Walgreens with a long-term NNN lease. The property is located on 1.3 acres at 504 Kings Highway North in Cherry Hill, NJ.
Director Evan Street and Associate Director Matthew Leist represented the buyer, a private investor. Horvath & Tremblay represented the seller, Phoenix Realty Group.
“We were happy to assist our client with a 1031 exchange by finding a NNN property with a strong national tenant in place that will provide long-term stable cash flow for 18 plus years,” Street said.
Leist continued, “This has been a proven location for Walgreens since it opened approximately six years ago. The store is near local shopping and major thoroughfares; over 2 million square feet of office space; Kennedy Memorial Hospital; Jewish Senior Housing and Healthcare Services featuring towers containing 144 units; and the Towers of Windsor Park consisting of 525 luxury apartment homes.”
Cherry Hill, NJ, is the largest municipality in South Jersey, just five miles south of Philadelphia. More than 263,000 people with income levels exceeding $100,000 live within a five mile radius of the Walgreens site, and over 24,000 vehicles travel on this highly visible route every day.
Walgreens is one of the largest drugstore chains in the U.S., with more than 8,000 stores in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.