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INVESTMENT HIGHLIGHTS
Credit Tenant - Property is tenanted by the Asbury Park Board of Education with the Lease Guaranteed by The State of New Jersey (S&P Investment Grade Rated: BBB+)
Extended Lease - Tenant recently extended their lease through April 2024
Prime Development Real Estate - A one-hour drive from New York City, historic Asbury Park has been and continues to be one of the hottest redevelopment cities on the Jersey Shore
Under Market Rental and Extremely Low Vacancy Rates - Tenant currently pays $17.55 per square foot in a Submarket with a rate of $22.69 per square foot and a Market with a rate of $57.12 per square foot. Asbury Park office vacancy rate is less than 1%
