Merrimack, NH Horvath & Tremblay has completed the sale of six properties for $21.4 million. Recent sales include: Little Sprouts in N.H., Red Lobster in MD, Wendy’s in MI, Burger King in TN and two CVS properties in FL.
Bob Horvath and Aaron Huntley completed the sale of a free standing Little Sprouts daycare facility in Merrimack. Horvath & Tremblay represented the seller and procured the buyer in the transaction to close the property at a sale price of $2.29 million. Spanning 9,600 s/f, the school boasts multiple classrooms and a spacious indoor recreation room that serves children from infant age to preschool. The property also features a private, 5,000 s/f outdoor playground. Little Sprouts executed a 15-year net lease with a 12.5% rent increase at the start of lease year 11. The tenant also has 3, five-year renewal options at market rent following the initial lease term. The Little Sprouts property sits on one of the busiest commercial roadways in New Hampshire at the signalized intersection of Amherst Street (Route 101A) and Continental Boulevard in Merrimack. The Property is strategically located to provide a convenient location and easy access for both area residents and commuting families. It is located near the town lines of neighboring Nashua and Amherst, providing an excellent client base of approximately 65,200 people living within a five-mile radius with an average household income of over $106,000. The Little Sprouts location also benefits from its proximity to a large employment base and numerous large corporate employers. Prominent retailers drawing people to the immediate area include Walmart, Target, Home Depot, Lowe’s Home Improvement, TJ Maxx, Marshalls, HomeGoods, Big Lots, Market Basket, CVS, Walgreens, Petco, and Planet Fitness just to name a few. An excellent vehicle count, of over 38,000 vehicles, pass the Property daily on Amherst Street (Rte. 101A).
Kyle Danielson, Horvath and Todd Tremblay represented the buyer of Red Lobster in Columbia, MD, closing the sale at a price of $5.46 million, a 5.6% cap rate. Red Lobster operates under a triple net lease with over 21 years of base term remaining. Attractive 2% annual rental increases are scheduled throughout the lease term and in the four, 5-year renewal options.
The sale of Wendy’s in Benton Harbor, MI closed at a sale price of $2.128 million. Jeremy Black represented the seller of the property delivering the sale at a 5.04% cap rate. Wendy’s has 18 years remaining on their 20-year absolute triple-net lease term plus two, 5-year renewal options. Brian Ahrens and Mark Brockwell represented a 1031 exchange buyer in his acquisition of Burger King in Bolivar, TN for $1.26. Tremblay, Horvath and Brockwell represented the seller and procured the buyer of two CVS properties located in Tampa and St. Petersburg, FL. The combined sale closed at a price of $10.275 million.
Both CVS properties have over 9 years remaining on the base terms of their leases with ten, 5-year renewal options.
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.
