Address: 2664 U.S. Highway 130, Cranbury, New Jersey, United States 08512
Cap Rate: 6.75%
Lease Type: Double-Net (NN)
Annual Rent: $85,000
Net Operating Income: $85,000
Lease Term Remaining: 4.75 Years
Rental Increases: 11.7% in Option Period 1/13.6% in Option Period 2
Options: Two (2), Five (5)-Year Options
Year Built: 2007
Rentable Sq/Ft: 2,200 SF
Rent Sq/Ft: $38.64
Price Sq/Ft: $572
Lot Size: +/- ~1.00 Acres
Marcus & Millichap is pleased to exclusively market for sale the subject single-tenant First Bank located at 2664 U.S. Route 130 in Cranbury, New Jersey. The property made up of a 2,200 square feet building and is situated on approximately 1.00 acre of land. The investment opportunity is subject to a double-net (NN) lease which has approximately 4.75 years of term remaining. The current rent is $85,000 and is subject to 11.7% – 13.6% rental increases in the two, five-year option periods. The lease is guaranteed by First Bank (NASDAQ: FBRA).
As of June 30, 2019, First Bank had sixteen branches, $1.83 billion in assets, $1.55 billion in loans, and $1.44 billion in deposits. We have approximately 195 employees working throughout New Jersey in Burlington, Gloucester, Hunterdon, Mercer, Middlesex, Somerset and Morris counties and Bucks and Chester counties in Pennsylvania.
This First Bank investment property is located at 2664 US-130 in Cranbury. Cranbury is located approximately 50 miles south of New York City and is just 40 miles from Newark International Airport. This active portion of U.S. Highway-130 boasts an average traffic count of over 44,530 vehicles per day, while the intersecting Maplewood Avenue experiences daily traffic counts of over 30,700 vehicles. Cranbury is extremely affluent, with an average household income exceeding $182,188 within a one-mile radius. There are approximately 102,430 people within a five-mile radius of this property. The population within one mile has seen tremendous growth of approximately 60% from 2010-2019.
The subject property is well-positioned in an active commercial corridor, benefiting from its proximity to both major national retailers, hospitality centers, medical facilities, as well as major distribution warehouses to various national brands. Major national retailers in the area include: Dunkin’ Donuts, PNC Bank, Starbucks, Sunoco, Subway, CVS, BP as well as many others. The major national brands with stationed distribution centers in Cranbury include: Papa John’s Pizza, Cardinal Health, Ford Motor Company, Home Depot, among others in the immediate area. Hospitality establishments in the area include: Residence Inn by Marriott, Hampton Inn, Staybridge Suites and the Townplace Suites by Marriot.
Cranbury is less than 10 miles from Princeton. The town is most famous for Princeton University, founded in 1746 as The College of New Jersey. Located midway between New York City and Philadelphia, with convenient bus and train transportation, Princeton is lively and stylish, but casual. The downtown business district is complete with charming boutiques, interspersed with popular national stores, draws shoppers from far and wide. Princeton Shopping Center also provides a wonderful blend of fine restaurants, gourmet food stores and interesting shops, combined with ample free parking. Other points of interest include Morven Museum & Garden, Princeton Battlefield State Park and Lake Carnegie, a popular and scenic site for boating.
Broker of Record: Brian Hosey License #1434917