The Kislak Company, Inc. announced Thursday the $1,950,000 sale of 7 West Main Street, a prominent CVS-anchored retail building in the heart of downtown Freehold. The transaction marks the first time the property has changed hands in over three decades.
The exclusive sale was orchestrated by Kislak Senior Vice President Daniel Lanni, who represented the seller, Stone Gable, LLC, and procured the undisclosed purchaser.
The property, a three-story brick building totaling approximately 13,674 square feet, is anchored by a 9,300-square-foot CVS on the ground floor. The pharmacy giant recently demonstrated its commitment to the location by exercising a five-year lease extension, providing the new owner with immediate income stability.
“This sale underscores the sustained investor demand for well-located, necessity-based retail assets in strong downtown corridors,” Lanni said. “Through strategic positioning and careful navigation of the lease structure, we successfully completed the first sale of this property in more than 30 years.”
While the ground floor provides a steady “anchor” income, the property was marketed with significant “value-add” potential:
- Below-Market Rents: The second floor is currently occupied by an art gallery at rents below current market rates.
- Vacant Third Floor: Approximately 2,187 square feet on the third floor remains unfinished and vacant, offering an immediate opportunity for renovation and new tenancy.
- Favorable Lease Structure: Under the current agreement, CVS handles the majority of maintenance and operating expenses, a “hands-off” structure highly coveted by real estate investors.
Situated on a 0.26-acre lot, the building is a staple of Freehold’s historic downtown district. As a commercial hub for Central New Jersey and a thriving suburb of New York City (located roughly 38 miles from Manhattan), Freehold continues to attract investors looking for stable yields outside of the immediate urban core.
The building is well-equipped for modern retail and office use, featuring a full sprinkler system, gas-fired hot air heating, and dedicated HVAC for the ground-floor retail space.
