Horvath & Tremblay completes sale of four properties for $19.5 million

Walgreens - Allston, MA

Boston, MA Horvath & Tremblay continues to add to their impressive track record of net lease transactions with the sale of four East coast properties eclipsing $19.5 million in total sales. The company completed the sale of a Walgreens in Allston, Mass., a newly constructed ConvenientMD, M&T Bank in Syracuse, NY and Wendy’s in California, MD.

Located in the Union Sq. business district, 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 positioned in a dense in-fill location with high barriers to entry and is included in a number of national tenants in the Cambridge St. area including: Stop & Shop, HomeGoods, Dollar Tree, KFC, Dunkin’ Donuts, Burger King and Tedeschi Food Shops. Located less than a half mile from 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. Bob Horvath and Todd Tremblay represented the seller in the sale and closed the property for a sale price of $13.5 million, a cap rate of 5.0%.

M&T Bank - Syracuse, NY

Adding to Horvath & Tremblay’s recent transactions is the sale of M&T Bank in Syracuse, New York. Jeremy Black represented the seller and procured the buyer completing the $675,000 sale. Fulfilling 2 individual exchange requirements, Brian Ahrens, Horvath and Tremblay represented the buyer of a newly constructed ConvenientMD urgent care center located in the northeast. The property closed at a sale price of $3.1 million, a 6.5% cap rate. Horvath and Kyle Danielson represented the seller and procured another 1031-exchange buyer to fulfill his exchange requirement with the transition into a free-standing Wendy’s, which closed at a sale price of $2,224,853, a cap rate of 6.65%.

Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.