Brockton, MA Horvath & Tremblay has completed the sale of three retail properties in Massachusetts for total sales of $13.676 million. The properties include CVS in Brockton, Fresenius Medical Center in Fairhaven and Tire Warehouse in Gardner.
Todd Tremblay and Bob Horvath exclusively represented the seller and procured the buyer of CVS that closed at a sale price of $8.846 million, a 5.25% cap rate. CVS, located at 1267 Main St., was constructed in 2016 as a relocation store for CVS from a smaller footprint store less than one mile away. CVS has a 30-year operating history in the immediate area. The highly visibly parcel is located at the signalized intersection of Main St. at Plain St. and Keith Ave. CVS has over 23 years term remaining on the lease plus five, 5-year renewal options which include a fixed rent increase at the start of each option period. The property benefits from its location within a densely populated section of the city with over 86,000 people within a 3-mile radius.
Fresenius Medical Center closed at a sale price of $4.08 million, a 6% cap rate. Tremblay, Horvath and RJ Tuller exclusively represented the seller and procured the buyer in the transaction. Constructed in 2015, the free-standing medical office property has a gross leasable area of 10,380 s/f and sits on a 2.27-acre parcel. The corporate guaranteed lease has 12 years of term remaining, plus three, 5-year renewal options. Annual rental escalations of 1.7% are scheduled in the current term and option periods. The property shares a shopping center with two stand-alone properties – Walgreens and Frontera Grill. Fresenius is located at the junction of primary highways U.S. Rte. 6 and Rte. 240.
Matthew Nadler procured the buyer of Tire Warehouse closing the transaction at a sale price of $750,000. Tire Warehouse operates under a triple-net lease with over 7.5 years of lease term remaining and four, 5-year option periods. Annual rental escalations of 1% are scheduled throughout the remaining lease term.