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News: Front Section
Posted: May 22, 2014
Horvath and Tremblay of Marcus & Millichap Real Estate Investment Services sell three properties for $75 million
Robert Horvath and Todd Tremblay, vice presidents of investments of Marcus & Millichap Real Estate Investment Services, have brokered the following three transactions totaling $75,840,500: Advance Auto Parts in Stamford; Home Depot in Kenner, LA; and Walmart Supercenter in Mobile, AL.
Located in Fairfield County, Advance Auto Parts is a rate single tenant asset located at 955 & 965 East Main St. The property closed at a sale price of $2.44 million. Advance Auto Parts signed the original 15-year double net (NN) lease on August 5, 2013 which includes (2) five-year options. A rental escalation of 12% is scheduled to occur at the beginning of the 11th year of the lease and a 10% rental increase is scheduled at the beginning of each option period. The existing 5,474 s/f building has been improved to Advance Auto Parts standards. Horvath and Tremblay represented both the seller, 955 East Main Street, LLC and the buyer R&R Apartments, LLC.
Home Depot is a single tenant, free-standing offering in Kenner, LA located outside of New Orleans. The Home Depot closed at a sale price of $55 million. Horvath and Tremblay represented the buyer, Kleban Holding Company, LLC.
Walmart Supercenter is located at 685 Schillinger Rd. South in Mobile, AL. Walmart Supercenter closed at a sale price of $18,400,500. Horvath and Tremblay exclusively represented both the seller, H&R Mobile, LLC and the buyer, Kleban Holding Company, LLC.
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
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