Leominster, MA Horvath & Tremblay has completed the sale of 6 properties totaling $30,130,769. The properties include a CVS and auto retail center in Mass., two CVS-anchored retail centers in R.I., Verizon Wireless in Maine and Planet Fitness in N.Y.
Bob Horvath, Todd Tremblay and Matthew Nadler completed the sale of the ground lease to CVS in Leominster, Mass., closing the property at a sale price of $2.65 million, a 5.02% cap rate. Horvath & Tremblay exclusively represented the seller and procured the buyer in the transaction. CVS is located on a 1.9-acre infill parcel, at the corner of Central and Graham Sts. The stand-alone store is positioned at a signalized intersection that offers visibility and access from both roadways. CVS has operated at this location since 2002 and recently signed a new, 20-year ground lease with 10, five-year renewal options that include 5% rent increases at the start of each option period.
The sale of the auto retail center in Danvers, Mass. closed at a sale price of $12.6 million. Horvath, Tremblay and Brad Canova represented the 1031 exchange buyer in this acquisition of the property. The 27,580 s/f retail building is 100% leased to four automotive tenants including Kelly European Motors, Danvers Auto Engineering, Enterprise Rent-A-Car and National Tire and Battery who has anchored this retail center since 1983. The property is located on an outparcel to Lowe’s and is surrounded by national tenants along Andover St., Rte. 114.
Horvath and Tremblay also represented the sellers and procured the buyers of two CVS-anchored retail centers in Pawtucket and Warwick, R.I. CVS Fairlawn Plaza closed at a sale price of $4,730,342. The CVS and Family Dollar center contains 24,285 rentable s/f on a 2.61-acre lot with parking and multiple points of access. CVS and China Star Restaurant in Warwick closed at a sale price of $5,269,658. The property contains 14,846 s/f on a 1.34-acre parcel with multiple points of access, ample parking and a CVS Pharmacy drive-thru. CVS Health leases 90% of the gross leasable area (13,396 s/f) while China Inn Restaurant leases 10% of the gross leasable area in a corner unit at the front of the Property (1,450 s/f).
The sale of Verizon Wireless in Brewer, ME closed at a sale price of $1,630,769, a 6.5% cap rate. Horvath and Tremblay exclusively represented the seller and procured the buyer in the transaction. Verizon Wireless fully occupies the 5,300 s/f free standing property located at 5 Schilling Dr. The Verizon Wireless dealer has 9 years remaining on their initial lease term plus two, 5-year renewal options.
Robert DiFranco represented an exchange buyer in the acquisition of a free-standing Planet Fitness in East Greenbush, N.Y. The property closed at a sale price of $3.25 million. Planet Fitness fully occupies the 24,000 s/f building located at 609 Columbia Tpke. Planet Fitness operates under a triple net lease with over 15 years of the lease term remaining and one, 5-year option period. Also included in the sale is a Bank of America ATM which will operate under a 10-year lease term with two, 5-year option periods.