190 State Route 10
East Hanover, NJ 07936

CBRE is pleased to exclusively present for sale this PetSmart property located on Route 10 in East Hanover, New Jersey. PetSmart has been operating at this site since 2007, and recently exercised its first option period early, showing a strong commitment to this location. This is a rare, corporately guaranteed NNN ground lease with no landlord responsibilities or expenses. There are currently 8 years remaining in the lease with two, five year option periods to renew, each with 12.5% rental increases. There is also a 6% rental increase upcoming in 2022. This ground lease structure combined with a successful, committed tenant and a dominant location makes this an ideal investment for the astute buyer. This PetSmart sites offers numerous services including the Banfield Pet Hospital, PetsHotel, Doggie Day Care, grooming, training and adoptions. The property is ideally situated on Route 10, a major artery in East Hanover, with direct access and excellent visibility for over 30,000 vehicles traveling by daily. The store sits infront of the Mount Pleasant Animal Shelter, a community staple that has been operating at this location since 1987 and provides a built in customer base for PetSmart. The Animal Shelter also terminated certain services it offered due to the same services being offered at PetSmart, adding to the stores' success. PetSmart is surrounded by numerous national retailers including Costco, Target, The Home Depot, Bed Bath and Beyond, Marshalls, Panera Bread, REI, and Homegoods to name a few. The amount of surrounding national retailers, local companies and car dealerships within 1 mile of the site adds to the daytime population of over 11,000 people, with 83% of that being daytime workers. It also sits infront of The FunPlex, New Jersey's ultimate indoor amusement park and outdoor water park attraction, offering more than 100,000 square feet of entertainment. The total residential population is 3,703 people within 1 mile of the site, 38,618 people within 3 miles and 151,002 people within 5 miles. This is also an extremely affluent New York suburb, with the average household income over $165,000 in the 1 mile ring and over $174,000 in the 3 mile ring. East Hanover is ideally located 15 miles west of Newark and 25 miles west of New York City. It is home to major corporations Novartis, located 1.3 miles from PetSmart and Nabisco (Mondelez International), located 1.7 miles from PetSmart.