7 West Main St. in Freehold — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased a nearly 14,000-square-foot commercial building in downtown Freehold for $1.95 million, in a newly announced deal by The Kislak Co. Inc.
In a news release, the listing team said the property at 7 West Main St. is home to a 9,300-square-foot CVS store that recently exercised a five-year lease extension. That strengthens the property’s income stability, while a 2,187-square-foot art gallery on the second floor is currently leased at below-market rents, creating additional upside.
Kislak’s Daniel Lanni, who brokered the sale on behalf of Stone Gable LLC, added that the third floor has some 2,187 square feet of unfinished and vacant space.
“This sale underscores the sustained investor demand for well-located, necessity-based retail assets in strong downtown corridors,” said Lanni, a senior vice president with the Woodbridge-based firm. “Through strategic positioning of the property and careful navigation of the lease structure and operating expense framework, we procured a qualified buyer and successfully complete the first sale of this CVS-anchored property in more than 30 years.”
The brokerage noted that, under the existing lease, CVS is responsible for most expense and maintenance obligations. The favorable expense structure, combined with embedded rental upside and future redevelopment potential, contributed to the property’s attractive value-add profile.
The steel- and wood-framed property is equipped with a sprinkler system, gas-fired hot air heating and HVAC serving the ground floor. The first floor of the 13,674-square-foot building has plate glass storefront windows, two multi-fixture restrooms and a rear loading door, while the second floor includes one restroom with four fixtures and an additional smaller restroom.
