Bob Horvath, vice president of investments, and Todd Tremblay, associate vice president of investments at Marcus & Millichap Real Estate Investment Services, have brokered the sale of Lowe's. The sale closed at a price of $12,406,015 with a CAP rate of 6.65%.
The property is located at 64 Manchester Dr., off of Rte. 302, the main thoroughfare through Southern Maine with traffic counts in excess of 21,780 vehicles per day. Lowe's signed the original 20 year absolute triple-net ground lease in March 2005, leaving 12 years remaining on the base term with (6) five year options.
Horvath and Tremblay exclusively represented both the seller, North Windham Properties LLC and the buyer in the transaction, ARC LWWDMME001, LLC.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap is one of the largest firms specializing in commercial real estate investment services in the nation.
Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.