10% Every 5 Years Throughout Base Term & Option Periods
Site Size:
0.68 Acres
Investment Highlights
Absolute NNN Ground Lease: Absolute NNN Ground Lease with Chase Bank (S&P: A-) & 10% increases every 5 Years throughout the base & option periods featuring a brand-new building with a drive-thru ATM. Chase bank will be paying rent no later than October 2025.
Dynamic Demographics: The community surrounding the property is among the most densely populated in the Clifton / Nutley NJ market. Over 600,000 people reside within a 5-mile radius of the site, a strong local base in addition to over 103,000 VPD that pass the site. Additionally, average household incomes within 1-mile are in excess of $165,000.
Committed Tenants: ON3 has served as the lodestar of developments attracting the “crème dela crème” of corporate users including long term commitments (WALT – 24 yrs), from Ralph Lauren, 250,000 sf, Eisai Pharma, 330,000 sf, Hackensack Meridian Health/Seton Hall, 642,000 sf, Modern Meadow, 80,000sf, Quest Diagnostics, 250,000sf. With an additional approved 600,000 square feet of R&D/Office pending development, and more than 1,000 residential units expected to be approved in the near future, ON3 represents the most successful redevelopment in NJ’s history.
Mixed Use Development: Subject site is a part of a 116-acre state-of-the-art lab, research, and office campus with a number of current and planned residential and future uses built upon Hoffman La Roche’s former Headquarters in Clifton and Nutley. Roche Pharmaceuticals was formerly here for 87 years; they’ve invested millions paving the way for one of the largest & most successful redevelopment projects in New Jersey. Formerly 99% asphalt, the campus will now feature 20 AC of newly added green space conforming to a resident friendly environment and will bring back nearly 10,000 students, teachers, knowledge workers and residents per day on the Campus.
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