FOR SALE
FRANKLIN COMMONS
691-703 Broad Street, Shrewsbury NJ 07702
INVESTMENT
HIGHLIGHTS
+ 
Prime Location on Route 35 Retail Corridor
+ 
Average Household Income above $149,000 within 1 Mile
+ 
Average Traffic Count of Over 30,000 Vehicles per Day
+ 
Annual CPI Increases
INVESTMENT
SUMMARY

CBRE is pleased to present “Franklin Commons” located at 691-703 & 725 Broad Street, Shrewsbury Borough, Monmouth County, New Jersey. The 2.64 acre property consists of three retail buildings fronting the highway, one mixed-use, retail/office building, and a developable lot with single family home. The commercial space is 87% occupied by 14 tenants, with three vacant spaces totaling 1,950 square feet. Two of the retail buildings are occupied by single tenants, while the third is three spaces. The mixed-use building consists of three leased retail spaces and seven office spaces. The adjacent residential lot has it’s own entrance and creates opportunity for future redevelopment while also contributing rental income. Three ancillary storage buildings in the rear of the property generate additional income.

Broad Street is also known as Route 35, and connects Red Bank and Eatontown. The 1.66 acre lot has 188 feet of frontage with traffic counts of over 30,000 cars per day. Franklin Commons is located one tenth of a mile from The Grove at Shrewsbury, a 150,000 SF upscale lifestyle center containing 40 stores including Pottery Barn, Brooks Brothers, Starbucks, Williams-Sonoma, Banana Republic, J. Crew and Gap. Additional nearby tenants include Staples, Shop Rite, CVS, Dunkin Donuts, Trader Joe’s, Panera Bread, Lord & Taylor Loft, and more. The property is approximately 2.5 miles from the Garden State Parkway and 1.5 miles from NJ Transit’s Little Silver Station.

All commercial tenants operate under a triple net lease agreement with each being responsible for its proportionate share of Real Estate Taxes, Insurance, and Common Area charges.  In addition, they have annual CPI rent increases during the base term and renewal options of their leases. The property is very well maintained and recent capital improvements include HVAC units and roofs.
CONTACT
US
STEVE MARIANI
Vice President
732 509 2803
steve.mariani@cbre.com
STEVEN WINTERS
Vice President
732 509 2867
steven.winters@cbre.com
NAT GAMBUZZA
Senior Vice President
201 712 5656
nat.gambuzza@cbre.com
BRIAN ANTOGNINI
Team Manager
201 712 5652
brian.antognini@cbre.com
OFFERING MEMORANDUM
Capital Markets | Investment Properties
 
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