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The Kislak Co. Inc. recently arranged the sale of a downtown Freehold property with a prime Main Street location.

Located at 7 W. Main St. in the Monmouth County township, the retail space includes a CVS, Kislak said in its Feb. 26 announcement.

Senior Vice President Daniel Lanni represented seller Stone Gable LLC on an exclusive basis. He also procured the unnamed buyer.

According to Lanni, the sale underscores investor appetite for well-located, necessity-based retail assets in strong downtown areas.

“Through strategic positioning of the property and careful navigation of the lease structure and operating expense framework, we procured a qualified buyer and successfully completed the first sale of this CVS-anchored property in more than 30 years,” he explained.

Kislak noted tenant CVS recently executed a five-year lease extension in Freehold. An art gallery currently leases space on the second floor, at below-market rents, for upside potential.

Making the deal even more attractive: CVS handles most expense and maintenance obligations, Kislak said. The potential for future redevelopment rounds out the value-add profile for the Main Street Freehold property.

7 W. Main St. sits on a 0.26-acre lot. The three-story building comprises 13,674 square feet: 9,300 for CVS; 2,187 for the art gallery; and approximately 2,187 square feet of vacant, unfinished space on the third floor.

Features at the steel- and wood-framed property include a sprinkler system, gas-fired hot air heating and HVAC serving the ground floor. The first floor also includes plate glass storefront windows, two multi-fixture restrooms and a rear loading door. The second floor includes one restroom with four fixtures and an additional smaller restroom.