(Mark Your Calendars: RealShare New Jersey 2011, September 13 in New Brunswick).
MONTGOMERY TOWNSHIP, NJ-NAI James E. Hanson is marketing a 10,000-square-foot, triple-net investment building now being completed at 2176 Route 206 here for owner Kash Trematore Montgomery LLC. The asking price is $2.8 million, at approximately a 9% cap rate.
The Learning Experience, a child-care operator, has a 15-year lease on the building commencing this month. The building sits on a 1.5-acre lot and has a 5,000-square-foot outdoor play area. The tenant will take occupancy at the end of September, with rent to commence in November.
“Kash Trematore found the property and got the approval,” and now it’s time to sell, NAI Hanson senior VP John J. Schilp tells GlobeSt.com. “This deal is typical of merchant builders.”
Schlip is negotiating with two 1031 exchange buyers. The buyer will receive a regular rent flow of $250,000 per year for the first year, with increases every five years, he adds.
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