Allston, MA Bob Horvath and Todd Tremblay of Horvath & Tremblay have brokered the sale of a free standing Walgreens. Horvath & Tremblay represented the seller and procured the buyer in the sale and closed the property for a sale price of $13.5 million, a cap rate of 5%.
Located in the heart of downtown, Walgreens occupies a 14,875 s/f building and has over 17 years remaining on the triple net (NNN) lease with (50) one-year options. The property benefits from its prominent location and high visibility at the signalized intersection of Cambridge St. and Brighton Ave. Walgreens is strategically positioned in a dense in-fill location with a population base of over 399,603 within a five-mile radius with high barriers to entry, and is easily accessible with two points of ingress and egress able Cambridge St. and Hano St. Walgreens is included in a number of national tenants in the Cambridge Street area including: Stop & Shop, HomeGoods, Dollar Tree, KFC, Dunkin’ Donuts, Burger King and Tedeschi Food Shops. Located less than a half mile from the property is the newly developed Boston Landing, a 15-acre mixed-used development that houses the new world headquarters of New Balance Athletics, Inc., and the Boston Bruins practice facility. In addition, the development includes additional office buildings, retail and restaurant space, a hotel and a sports complex.