NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, is pleased to announce the completion of a five-year lease agreement for 1,330 square feet of retail space at 370 River Road in New Milford, N.J. NAI Hanson Sales Associate Michael Jamgotchian represented the lessee, SmartWorld Coffee, while NAI Hanson Sales Associate Louis Tapia represented the landlord, Lucerne-New Milford, in this transaction. The first year will fall under a gross lease, followed by four years of triple-net terms.
"It's a sign of the times that the tenant negotiated a year of gross-lease terms, which is unique to the retail sector. Tenants are in the driver's seat nowadays," noted Jamgotchian. "Louis Tapia and I worked together to find terms that would not only benefit the tenant but also fill the space with a quality occupant for the owner, all in a quite competitive market. We look forward to completing market-driven deals of this kind in the future."
SmartWorld Coffee will occupy the end-cap space of a strip shopping center that is surrounded by residences and sits near New Milford High School. In addition to the ideal location and ample customer base, the tenant will also benefit from the recent addition of a drive-through lane and window, a renovation that helps this center stand out from competing locations. The property is also close to major highways and interstates, such as Interstate 80, the Garden State Parkway and Routes 4, 17 and 208.