475 Haddonfield Rd Cherry Hill, NJ

This retail property is located at the junction of Haddonfield Road and Route 38 in Cherry Hill, New Jersey. Haddonfield Road sees over 38,000 cars per day, while Route 38 sees over 58,000 cars per day. The property is diagonally across from the Cherry Hill Mall, which has 1.3 million square feet, and is near national retailers such as Target, Kohl's, and Hobby Lobby. The location is seven miles from Center City Philadelphia. The property is a Republic Bank branch, which has been in business for over 36 years and has 35 locations in New Jersey, New York, and Pennsylvania. The branch has $172 million in deposits. The property has just under 13 years remaining on the current term of the lease, with 10% rent increases every 5 years and four 5-year renewal options with FMV at each option. The property is 3,372 square feet. The surrounding area has excellent demographics, with over 304,000 people within 5 miles and a 1-mile average household income over $104,000.