A prime 13,674-square-foot retail property in Freehold changed hands for $1.95 million. Located at 7 West Main Street in the heart of downtown, the three-story brick building is anchored by a CVS. The second floor currently houses an art gallery, while the third floor is unoccupied.
Woodbridge-based the Kislak Company, Inc. exclusively marketed the Freehold property on behalf of the seller, Stone Gable, LLC. Kislak Senior Vice President Daniel Lanni handled the assignment and also found the undisclosed buyer.
“This sale underscores the sustained investor demand for well-located, necessity-based retail assets in strong downtown corridors,” commented Kislak’s Lanni. “Through strategic positioning of the property and careful navigation of the lease structure and operating expense framework, we procured a qualified buyer and successfully completed the first sale of this CVS-anchored property in more than 30 years.”
The Monmouth County property occupies a 0.26-acre lot in downtown Freehold. CVS leases roughly 9,300-square-foot on the first floor. The second art gallery and the vacant third floor both occupy 2,187 square feet. CVS recently extended its lease for an additional five years, giving the incoming owner income stability. Under the current terms, CVS pays most of the maintenance and additional expenses. The art gallery is paying a below-market rate, and the unfinished third floor offers a potential opportunity. The favorable lease with CVS, future rental upside on the second floor, and redevelopment prospect all made the property highly attractive.
