Retail

REI & Panera Bread - East Hanover, NJ

280 Nj-10 East Hanover, New Jersey United States 07936
Asking Price
NOI Net Operating Income
Cap Rate
Asking Price
NOI Net Operating Income
Cap Rate

Documents

Enter the "Deal room" for exclusive documents related to this property.

The Deal Room features confidential documents related to this property. To access the Deal Room, you will need to be logged in. If you don't have an account, please create one. More questions? Visit our FAQ.
I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area

Property Description

Jones Lang LaSalle Americas, Inc. (JLL) is pleased to exclusively offer the opportunity to acquire two, corporately leased properties located along one of the prime retail corridors in Northern New Jersey. REI & Panera Bread operate on a 3.15-acre parcel along New Jersey Route 10 (NJ-10) with 9 and 5+ years of remaining term, respectively. Both leases contain 10% rental increases every 5 years. Despite the current coronavirus pandemic, the tenants continue to successfully operate as a result of their business model and services.

REI, the nation’s leading outdoor retailer, has experienced an explosion of interest in outdoor activities, while Panera Bread has altered its services and begun offering curbside pick-up and a host of delivery options. The Panera Bread site also features a drive-thru, which will continue to bode well for the tenant in today’s environment. Both tenants have remained current on all rental payments throughout the pandemic.

Investment Highlights

  • REI & Panera Bread are operating on corporate leases with 9 and 5+ years of remaining term, respectively. Both tenants feature attractive rental increases – REI contains 10% increases every 5 years throughout the lease, while Panera Bread features 10% escalations in each option period.
  • The two tenants are operating on a 3.15-acre parcel along New Jersey Route 10. NJ-10 is a main artery in the area that boasts 30,000 VPD. NJ-10 also connects travelers to Interstate 287 (150,000 VPD) and Interstate 280 (92,000 VPD).
  • Attractive retail destinations such as Hanover Commons, East Hanover Plaza, and Livingston Shopping Center surround the Property. These shopping centers are home to sought-after retailers including The Home Depot, Target, Costco, Dick’s Sporting Goods, Marshalls, Burlington, Nordstrom Rack, T.J. Maxx and more.
  • Both REI and Panera Bread have successfully navigated the coronavirus pandemic by implementing services such as curbside pick-up and multiple delivery options. Additionally, REI has benefitted recently from increased interest in outdoor activities, and Panera Bread’s drive-thru feature is extremely attractive in today’s environment.
  • The Property benefits from very strong demographics. There are nearly 150,000 people within a 5-mile radius who earn an average household income of $190,000. The Property is also just 26 miles away from the largest city in the United States – New York City (8+ million people).



Last Updated Date: 06 Nov 2020
Marc Mandel
Marc Mandel
Managing Director, Capital Markets
License details
PA - AB068236 DE - RS-0019936 NJ - 0894218
Steve Schrenk
Steve Schrenk
Director, Capital Markets
License details
NJ-1433421

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

+41445083302
Last Updated Date: 06 Nov 2020

Do you have any questions?  Visit our FAQ page

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.