Manchester, CT Horvath & Tremblay has completed sale of a retail center and a four-unit restaurant portfolio for combined sales of $9.846 million.
Jeremy Black, Bob Horvath, Todd Tremblay, and Matthew Nadler completed the sale of Northern Hills Plaza. Horvath & Tremblay represented the seller to close the transaction at a sale price of $4.95 million. Northern Hills Plaza is comprised of two, single story retail buildings in 11,980 s/f. The property was constructed in 2002 and is fully leased to three retail tenants: Men’s Wearhouse, Vitamin Shoppe, and Sprint. Northern Hills Plaza is located on Buckland Hills Dr. The property shares an entrance at a signalized intersection with a Target Superstore and Lowe’s Home Improvement Center. The intersection also provides one of the primary entrances to the 1.2 million s/f Shoppes at Buckland Hills mall.
Brian Ahrens and Mark Brockwell represented a 1031 exchange buyer in his acquisition of a four-unit KFC portfolio that closed at a sale price of $4.896 million. The portfolio is comprised of four KFC properties located in Bristol, Hartford, Southington and Torrington, Conn. Each property operates under a triple net lease with zero landlord responsibilities. Each lease has 14 years remaining on the base term of the lease with four, five-year renewal options and rental escalations scheduled every five years throughout the base term of the lease and at the beginning of each option period. The properties are located along the main retail corridors of their respected cities with strong national tenant representation.