Horvath & Tremblay sells four properties for $7.515 million

May 21, 2021 - Front Section

Belfast, ME Horvath & Tremblay has completed the sale of four retail properties in New England for a total of $7.515 million.

Kyle Danielson, Bob Horvath and Todd Tremblay of Horvath & Tremblay have completed the sale of Dunkin Donuts in Belfast, ME. Horvath & Tremblay exclusively represented the seller in the transaction at a sale price of $2.59 million. Dunkin Donuts is located at 27 Starrett Dr. The stand-alone building was constructed in 2014 and contains 2,260 s/f and a drive-thru. The build-to-suit Dunkin Donuts has 13 years remaining on a Double Net (NN) Lease with an additional three five-year renewal options. Dunkin’ Donuts is located on Starrett Dr. adjacent to US Rte. 1 and in between the Lincolnville Ave. (Maine Rte. 3) and Belmont Ave. (Maine Rte. 52) exits. Dunkin’ Donuts is shadow-anchored by a Hannaford Supermarket and Ocean State Job Lot center.

Horvath, Dan Bernardini and Aaron Huntley of Horvath & Tremblay also facilitated the sale of Citizens Bank in Concord, NH. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1.6 million. Citizens Bank is located at 188 Loudon Rd. Citizens Bank recently exercised a five-year renewal option, giving them 6 years remaining on a triple-net lease with 3% annual increases and one five-year renewal option remaining.

Joe Desalvo, Horvath and Hobart Hare of Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the sale of an Advance Auto Parts in Laconia, NH for $1.575 million. Advance Auto Parts, located at 163 Court St., has been operating at the property for over seven years and has eight years remaining on their double-net lease. The lease includes three, 5-year renewal options with fixed rent increases of 10% at the start of each renewal option. The 6,895 s/f, stand-alone building was built in 2013.

Bernardini, Tremblay and Horvath of Horvath & Tremblay have successfully completed the sale of Dollar General in Warren, R.I. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $1.75 million. Dollar General is located at 470 Metacom Ave. Redeveloped in 2019, the stand-alone building consists of 7,488 s/f and sits on a 0.97-acre corner lot with 24 striped parking spaces. Dollar General has nine years remaining on their double-net lease term with three five-year renewal options. The lease calls for a 10% rent increase every 5-years throughout their base term and at the start of each option period. Dollar General is strategically located on Metacom Ave. (RI Rte. 136), a primary north-south thoroughfare bisecting the densely populated Bristol County (East Bay). The property benefits from its close proximity to national retailers and Roger Williams University, which has an enrollment of more than 5,000 students.

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