Prime Real Estate - The 50,000sqft facility sits on 5 acres of land less than 20 miles from Newark, NJ and New York City. This presents multiple value add opportunities for new owners.
Easy Access - Proximity to the Garden State Parkway, State Route 4 and State Route 7 gives the facility easy access to I-80 and I-95, creating a multitude of options for inbound and outbound shipments making it an ideal distribution or logistics center.
Green Energy - Installed in 2019, along with the new roof, the facility is equipped with solar panels that improve the overall carbon footprint and reduce utility costs for tenants.
Strong Demographics - The subject property is surrounded by a population of 560,512 within a 5-mile radius and an average household income of $138,919 in the same radius.
Corporate Guarantee - The lease is guaranteed by the Kennicott Brothers Company, which was established in 1881 and has a total net worth of $95 million (as of FY2021) and an annual of $1.9 million (as of FY2021).
Annual Rent Escalations - This facility has a current NOI of $283,560. In March of 2024, upon exercising the remaining 5-year option, the rent will increase to $289,170 and will continue to increase by 2% annually for the remainder of the term (see rent schedule for details).