Friendly"s Ground Lease | 14 Yrs Remain | 5% Increases Every 5 Yrs

Listing Friendly’s Ground Lease | 14 Yrs Remain | 5% Increases Every 5 Yrs Price:$1,350,000 Status:For Sale On behalf of ownership, presents for sale this Friendly’s ground lease, positioned as a pad site to Phillipsburg Mall in Phillipsburg (Warren County), New Jersey. The subject is an approximate 4,000-square foot, single-tenant retail building on approximately 6,000 square feet of land. The Tenant (Revere Restaurant Group, Inc.), executed a twenty year triple net ground lease in May of 2007, with one, five-year and one, four year, eleven months option periods. Rent increases throughout the base term and option periods of the lease at five percent every five years. The tenant is a local franchisee, based in Trexeltown, Pennsylvania, and is an operator of eight Friendly’s franchises throughout New Jersey and Pennsylvania. Friendly’s Corporation began in 1935 in Springfield, Massachusetts as an ice cream store and has grown to one of the largest 100 fast food restaurants in the country. Today, there are more than 515 company and franchised owned and operated Friendly’s restaurants in 16 different states throughout the eastern part of the country. In 2007 Friendly’s was acquired by Sun Capital Partners, a leading private investment firm specializing in leveraged buyouts and investments in market leading companies. The subject property is and outparcel to the Phillipsburg Mall, a 578,550+/- square foot regional mall anchored by The Bon-Ton, JCPenney, Sears and Kohl’s. The Mall features the area’s only H&M, along with American Eagle Outfitters, GAP, Old Navy, Victoria’s Secret, Hot Topic and Yankee Candle Co. Plans for the development of a 385-acre office park adjacent to the Mall on Route 22 are in the works. The subject property is situated just five miles from the Pennsylvania border on Business Route 22, one mile west of Interstate-78.

Friendly"s Ground Lease | 14 Yrs Remain | 5% Increases Every 5 Yrs