Horvath & Tremblay sells Ellsworth Shopping Center for $4.25 million

Ellsworth, ME Bob Horvath, Todd Tremblay and Jack Laurendeau of Horvath & Tremblay have completed the sale of Ellsworth Shopping Center located at 208 High St. Horvath & Tremblay exclusively represented the seller and secured the buyer to complete the transaction at a sale price of $4.25 million.

Ellsworth Shopping Center is a 15,060 s/f retail plaza on a 1.77-acre parcel that is 100% leased to a complementary mix of tenants. The center consists of a freestanding single tenant AutoZone (ground lease) and a two-tenant building leased to Mattress Firm and Aspen Dental. Each of the tenants have net leases and scheduled increases in either the primary lease term or renewal options, making it an attractive investment for the passive investor and protecting the in-place cash flow against inflation and rising costs of service and labor. Ellsworth Shopping Center benefits from visibility, frontage, and signage along High St. (US Rte. 1) in the center of a trade area that is home to countless national retailers, area schools, and Northern Light Maine Coast Hospital. The property is in between a Shaw’s anchored shopping center and a Hannaford anchored shopping center and is within 1.5 miles of Walmart Supercenter and Home Depot, all of which drive traffic to the area. Ellsworth is in eastern Maine and serves as the gateway to the Downeast Region and Acadia National Park.