Horvath & Tremblay sells CVS & Applebee’s in Auburn for $6.4 million

 

 

 

 

Auburn, MA Bob Horvath, Todd Tremblay, Mark Taylor and Jack Laurendeau of Horvath & Tremblay have completed the sale of a CVS and Applebees. Horvath & Tremblay exclusively represented the seller and secured the buyer to complete the transaction at a sale price of $6.4 million. 

Located at 676 & 680 Southbridge St., the Properties are comprised of two single-tenant buildings on separate tax parcels. CVS has three years of term remaining on their Triple Net (NNN) lease followed by four, five-year renewal options. Applebee’s has three years of term remaining on their Absolute NNN Ground Lease with two, five-year renewal options. Both leases feature rent increases at the start of each of the renewal options. CVS and Applebee’s are strategically located along Southbridge St. in the town’s primary commercial corridor, situated at the signalized intersection with Faith Ave. and Goulding Dr., which provides visibility, frontage, and access. The properties benefit from excellent regional connectivity, located near the interchange of I-290 and the Massachusetts Tpke. (I-90), allowing for efficient access to Worcester, Boston, and surrounding Central Massachusetts communities. The surrounding retail environment is well established, with nearby national retailers including BJ’s Wholesale Club, Walmart Supercenter, and the Auburn Mall, all of which contribute to consistent consumer traffic and sustained activity within the trade area.

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.