Cherry Hill, NJ
11.1 Years Remaining
1,968 Sq. Ft.
- Absolute NNN Lease
- Corporate Guarantee | Cross America Partners
- Out-Parcel to a Whole Foods Anchored Shopping Center
- Attractive 2% Annual Rent Increases
- Located on a Hard Corner with Excellent Visibility
- High Traffic Location | 80,675 Vehicles Per Day
- Excellent Demographics | Over 299,000 People in Five Miles
- Affluent Philadelphia Suburb | Less than 10 Miles from Philadelphia
- Near Many Prominent Retailers such as Whole Foods, Wegmans, Home Depot, Barnes & Noble, Cheesecake Factory and many more
The Iacono Team at Marcus and Millichap is pleased to exclusively present a fee simple US Petroleum gas station with six gas pumps in Cherry Hill, NJ. The property is subject to a NNN lease with 11.1 years remaining on the base term. There are four five-year tenant renewal options. The lease calls for attractive rental increases of 2% annually throughout the base term and options. The tenant operates more than 19 gas stations in New Jersey, New York, and Pennsylvania. The lease is corporately guaranteed by Cross America Partners which operates more than 1,000 locations across 34 states.
Cross America Partners LP is a distributor of branded petroleum for motor vehicles in the United States. They distribute fuel to more than 1,300 locations and own or lease approximately 1,000 sites. Their geographic footprint covers 34 states. On October 1, 2014, CST Brands, Inc. acquired the General Partner of Lehigh Gas Partners LP and changed the partnership’s name to Cross America Partners LP. Its NYSE trading symbol is “CAPL.”
The subject property is ideally positioned on a hard corner as an out-parcel to a Whole Foods anchored shopping center. The traffic counts are extremely high with over 80,000 vehicles per day. The property is located in a dense retail corridor with many national tenants near by such as Whole Foods, Dollar Tree, Stein Mart, McDonald’s, Bank of America, MOM’s Organic Market, Qdoba and many more. There are numerous schools located in the immediate vicinity with more than 1,700 students. Cherry Hill is an affluent suburb of Philadelphia with the average household income exceeding $113,000 within three miles. Cherry Hill is less than ten miles from Philadelphia and has more than 299,000 residents. This is a unique opportunity to purchase a great piece of real estate with strong underlying value.