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Republic Bank Ground Lease ($172M Deposits) - 457 Haddonfield Road, Cherry Hill, NJ

Property Details

  • Price :

  • Square Feet :

  • Cap Rate :

  • $2,567,000

  • 3,372

  • 6.00%

  • NOI :

  • Acres :

  • $154,000

  • 1.23

  • Property Type :

  • Property Status :

  • Office

  • Under Agreement

Investment Highlights

    Republic Bank ground lease pad site to Liberty View (7- story 121,000 SF Office Bldg) just off Route 38, Cherry Hill, Camden County, New Jersey
    $172M Deposits at this branch
    Just under 13 years remaining on the current term of the lease with 10% rent increases every 5 years and 4-5 year renewal options with FMV at each option
    Republic Bank has been in business over 36 years and has 35 locations in New Jersey, New York, and Pennsylvania
    Liberty View is comprised of multiple law firms as well as financial services and medical tenants
    Currently 88% occupied providing potential upside in leasing the vacant suites (14,680 SF)
    Prime location at the junction of Haddonfield Road and Route 38
    Diagonally across from the Cherry Hill Mall (1.3 million SF) with other nearby national retailers including Target, Kohl's, and Hobby Lobby
    7 miles to center city Philadelphia
    Haddonfield Road has over 38,000 cars/day and Route 38 has over 58,000 cars/day

    Excellent demographics with over 304,000 people within 5 miles and a 1-mile average household income over $104,000

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