Farmington, CT Horvath & Tremblay completed the sale of four retail properties for total sales of $7.37 million. The properties include Berkshire Bank and three MyEyeDr. locations.
Matthew Nadler exclusively represented the seller and procured the buyer of the ground lease to Berkshire Bank in Farmington, which closed at a sale price of $3.4 million, a 5.44% cap rate. Berkshire Bank fully occupies a new free standing building located on a 1.05-acre lot at the intersection of Rte. 4 and High St. The Berkshire Bank ground lease commenced in 2017 and has over 19 years of term remaining plus four, 5-year renewal options.
Kyle Danielson exclusively represented the seller and procured the buyers of three separate MyEyeDr. locations in Cheshire, Torrington and Watertown. MyEyeDr. in Cheshire closed at a sale price of $1.47 million. MyEyeDr. fully occupies the 3,528 s/f property and is positioned at the signalized intersection of Highland Ave. and Johnson Ave. The Torrington location closed at a sale price of $1.42 million and the Watertown location closed at a sale price of $1.075 million. All three MyEyeDr. locations have over seven years of term remaining on the leases with annual rental escalations. The leases are fully guaranteed by the corporate parent of the MyEyeDr. brand, Capital Vision Services.