Address: 10 Gateway Blvd, Kendall Park, New Jersey, United States 08824
Cap Rate: 9.00%
Lease Type: Double-Net (NN)
Annual Rent: $249,382
Net Operating Income: $249,382
Lease Term Remaining: 1.93 Years
Rental Increases: 2.5% Annually
Options: Two, Five Year Options
Rentable Sq/Ft: 8,500 SF
Rent Sq/Ft: $29.34
Price Sq/Ft: $326
Lot Size: +/- 2.00 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Bright Horizons located at 10 Gateway Blvd in Kendall Park, New Jersey. The site constructed in 2005, consists of roughly 8,500 rentable square feet of building space on estimated 2.00 acre parcel of land.
Bright Horizons is subject to a 12-year double-net (NN) lease, which commenced on October 1, 2012. The annual rent is $249,382. There are two (2), five (5)-year tenant renewal options, and 2.5% annual bumps.
The subject investment property is situated on Gateway Boulevard, which experiences an average daily traffic count of 30,000 vehicles. There are approximately 40,000 individuals residing within a three-mile radius of the property and more than 107,000 individuals within a five-mile radius. This Bright Horizons is situated in an affluent suburban community with an average household income of over $161,000 within a one-mile radius.
The subject property benefits from being well-positioned in a densely populated suburb in New Jersey. Major national tenants within the immediate area include: Walgreens, Stop & Shop, Sonic Drive-In, CVS Pharmacy, Cold Stone Creamery, Exxon, UPS, BP, GNC, Sunoco, as well as many others. Additionally, the subject property is in close proximity to Rutgers University, the largest and most comprehensive higher education institution in New Jersey, which boasts a total enrollment exceeding 70,000 students. Princeton Airport is located less than four miles from this Bright Horizons, which has over 40,000 flight operations per year.
Kendall Park is an affluent, unincorporated community and census-designated place located within South Brunswick Township, in Middlesex County, New Jersey located approximately halfway between New York City and Philadelphia. Kendall Park is about 10 miles from New Brunswick, New Jersey. The area is served by a number of major roadways including U.S. Route 1, U.S. Route 130, Route 27, Route 32, and Interstate 95. New Brunswick is best known for being home to the main campus of Rutgers, The State University of New Jersey, as well as the worldwide headquarters of Johnson & Johnson, a global pharmaceutical corporation started in the 1880’s by three brothers from the area. In 2016, many of the corporations in this industrial hub specialize in biotechnology or pharmaceuticals, including Johnson and Johnson, Taro Pharmaceuticals, Tulex Pharmaceuticals, Polyorganic Technologies, Quantex Laboratories, and Sun Pharmaceuticals. Despite New Brunswick’s explosive growth and well thriving industry, much of the township remains undeveloped, and there are still significant amounts of wetlands, woodlands and open space within the community. Recently, SafeWise named New Brunswick Township as the tenth-safest city in America to raise a child.
Broker of Record: Brian Hosey License #1434917