Giovanni LaGalia - Commercial Real Estate Showcase

Giovanni LaGalia Property Listings
Marcus & Millichap Inc
260 Madison Ave
5th floor
New York, NY 10016-2401
(212) 430-6157
(212) 486-4808

660 - 680 Clinton Avenue

Newark, NJ 07108 - Newark Submarket

Property Type:Retail Sub Type:Storefront Status:Existing Year Built:-
Building Size:18,000 SF Land Area:1.05 AC (45,738 SF)
For Sale Price:$3,400,000 Price/SF:$188.89
Cap Rate:8.75 %

Sale Notes:
The subject offering is a newly renovated 18,000 square foot Family Dollar anchored retail center on Clinton Ave in Newark, NJ. The building sits on a 1 Acre Lot less than one mile west of Route 78. The property has 45 dedicated parking spaces and 125 feet of frontage on Clinton Ave in Newark.

The owner recently added $400,000 of capital improvements to the property. Some of the capital improvement include the creation of 4,000 square feet of additional new retail space. The center has experienced strong historical tenancy with both the Chinese Restaurant and the Laundromat having been there for over 15 years. The Laundromat has also added $150,000 of equipment and has recently agreed to enter into their 5 year option early. The Chinese Restaurant has agreed to a new 10 year lease that reflects 2% increases annually. Additionally, Ecowas African Food Store has taken 2600 square feet of new space for a 10 year term with 3% increases annually. The last 1400 square feet is currently under LOI by Young Scientist Academy for a 5 year term with 1 (3 Yr) Option.
Surrounding the property on Clinton Ave are numerous national and local retailers. In close proximity to the property are national retail tenants including Advance Auto Parts, McDonald's, Dunkin Donuts, Rite Aid, Wells Fargo, and many others. Within a three-mile radius of the property there are about 374,675 people.

The current owner has kept the property in good working order and repair along with recently repaving the parking lot. The property is conveniently situated on Clinton Ave with traffic counts in excess of 8,000 vehicles per day. This is a great opportunity for an investor to own a well positioned retail center with a long term lease installed in a stable market of New Jersey.

Marcus & Millichap Inc
Giovanni LaGalia
(212) 430-6157

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