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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.
- 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).