Providence, RI Bob Horvath, Todd Tremblay, and Brian Ahrens of Horvath & Tremblay, have completed the sale of a free-standing Family Dollar and Burger King in Portland, Maine.
Family Dollar is located within the West End neighborhood along Cranston St. The existing 10,920 s/f building has been improved to Family Dollar standards and is fully leased to Family Dollar who operates under a new 10-year double net lease with six, five-year options. The investor was attracted to the corporately guaranteed lease and strong credit strength.
Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $2,484,259, a 6.84% cap rate.
Ahrens, Horvath & Tremblay, also represented the buyer of the ground lease to a free standing Burger King located on Riverside St. The property closed at a sale price of $1.51 million, a 5.96% cap rate. Burger King fully occupies the 2,622 s/f building and has over 12-years remaining on the original 20-year ground lease.
Horvath & Tremblay also represented the buyer of Neighbors Emergency Center in Harlingen, Texas to close the property at a sale price of $6,172,686, a 6.57% cap rate. Located at the corner of South Ed Carey Dr. and Pease St., Neighbors Emergency Center fully occupies the newly constructed 8,000 s/f building and operates under a new 12-year corporate-backed triple net lease (NNN) with zero landlord responsibilities.