News: Retail
Posted: May 23, 2013
Horvath and Tremblay of Marcus & Millichap broker $1.9 million sale
Bob Horvath, vice president of investments, and Todd Tremblay, associate vice president of investments, of Marcus & Millichap Real Estate Investment Services, have brokered the transaction of the Olive Garden. The sale closed at a price of $1.9 million and a CAP rate of 7.19%.
The 7,497 s/f restaurant is located at 1013 County St. The Olive Garden sits adjacent to a Smokey Bones Restaurant and is an outparcel to a TJ Maxx anchored shopping center with additional tenants including Michael's and Pier 1. Also within close proximity are numerous national tenants including Target, Home Depot, Kohl's and TGI Friday's. There are currently eight plus years remaining on the Olive Garden ground lease with (4) five year options and a 28% rent escalation at the commencement of the first option period.
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The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
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