Three 100% Occupied Single Tenant Retail Buildings
Turnersville, NJ
The Opportunity
Summary
- Price: $12,582,000
- Cap Rate: 8.50%
- NOI: $1,069,446
- Occupancy: 100%
- Total Size: 98,080 SF
- Parcel Size: 23.8 Acres
- Avg. Remaining Term: 7.7 Years
Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a multi-tenant property leased to At Home and Verizon, (the “Property”) in Turnersville, NJ, part of Washington Township and located just 18 miles southeast of Philadelphia. The property features two national tenants in At Home and Verizon with a national fast casual restaurant set to join them soon. At Home and Verizon’s leases both feature 10% rental increases in their remaining option periods. The property benefits from excellent visibility along NJ-42, a major thoroughfare boasting over 79,300 VPD. Additionally, the property is seconds away from the start of the Atlantic City Expressway, which boasts 47,800 VPD and runs directly to Atlantic City. Turnersville is situated 18 miles southeast of Philadelphia and contained within the Philadelphia MSA; the 7th largest metro area in the country that is home to a population of over 6.25 million people. The 5-mile area surrounding the Property exhibits excellent demographics with a population of over 183,000 and over 70,000 households. Additionally, the average household income within that same area sits at over $121,000.
Founded in 1979, At Home has been in business for almost 45 years. The company began as Garden Ridge Pottery and was later renamed Garden Ridge. It was not until 2014 when all of the At Home stores got their current name. In 2021, Hellman & Friedman, one of the oldest and most experienced private equity firms operating today acquired At Home to join their portfolio. Verizon is an American multinational telecommunications conglomerate offering the largest 4G LTE network in America and the nation’s largest highspeed 3G network. As of the first quarter of 2024, Verizon increased their total wireless service revenue by 3.3% year-over-year to $19.5 billion. Additionally, they achieved the best quarterly total broadband net adds to date. Verizon ranked #31 on the Fortune 500 for 2024.
Investment Highlights:
Tenants
At Home
Ownership: PRIVATE
Credit Rating: CCC (S&P)
Headquarters: DALLAS, TX
#of Locations: 250+
At Home is an American big-box retailer chain headquartered in Dallas, Texas. A home décor superstore, At Home offers approximately 45,000 unique items in each of their 250+ stores. Their inventory contains a wide variety of items for every room in the house. From furniture and décor to rugs and curtains, At Home has it all.
Founded in 1979, the company has been in business for almost 45 years. The company began as Garden Ridge Pottery and was later renamed Garden Ridge. It was not until 2014 when all of the At Home stores got their current name. In 2021, Hellman & Friedman, one of the oldest and most experienced private equity firms operating today acquired At Home to join their portfolio.
Verizon
Ownership: PUBLIC (NYSE: VZ)
Credit Rating: BBB+ (S&P)
Headquarters: NEW YORK, NY
# of Locations: ~1,500 Corporate Locations (As of 4/22/2024)
Cellco Partnership, doing business as Verizon Wireless, is the nation’s leading provider of wireless communications in terms of the number of subscribers, network coverage, revenues and operating income. Cellco Partnership’s wireless network spans to 49 of the 50 most populated metro areas in the country. Their services include providing wireless voice and data services and related equipment to consumers and business customers.
Verizon Communications, Inc. (“Verizon”) is an American multinational telecommunications conglomerate headquartered in Manhattan, New York. Created in June of 2000, Verizon Communications started as a joint venture of American telecommunications firm, Bell Atlantic and GTE Corp. in one of the largest mergers in U.S. business history.
Today, the company offers the largest 4G LTE network in America and the nation’s largest highspeed 3G network. For residential customers, Verizon FiOS is America’s largest 100% fiber-optic network to the home, providing the nation’s fastest, most consistent and most reliable Internet service, as well as TV with the best picture quality. For large businesses, Verizon is a global IP leader, operating one of the worlds’ most connected public Internet backbone networks, delivering solutions that let customers securely connect, communicate and collaborate around the globe.
As of the first quarter of 2024, Verizon increased their total wireless service revenue by 3.3% year-over year to $19.5 billion. Additionally, they achieved the best quarterly total broadband net adds to date. Verizon ranked #31 on the Fortune 500 for 2024.
Cellco Partnership is a subsidiary and authorized retailer doing business as Verizon Wireless and serving customers throughout the United States. They provide wireless voice and data services. They also offer postpaid and prepaid services, such as text and picture messaging, and mobile broadband services.
