Horvath of Marcus & Millichap handles two sales totaling $8.825 million

Bob Horvath,
Marcus & Millichap

Quincy, MA Bob Horvath, vice president of investments of Marcus & Millichap, completed the sale of TD Bank, according to Tim Thompson, sales manager of the firm’s Boston office. The sale closed at a price of $7.08 million, at a CAP Rate of 4.59. Bob Horvath represented the seller, 333 Hancock Street, LLC.

TD Bank has signed a new 20-year ground lease which includes four 5-year options and 10% rental escalations every five years throughout the base term and option periods. The anticipated rent commencement date was scheduled for November 1. The new building will include a double drive-thru with 23 parking spaces. TD Bank will be located at the hard-corner, signalized intersection of Hancock St. (Rte. 3A) and West Squantum St. with traffic counts in excess of 24,000 vehicles per day. Hancock St. serves as the main traffic artery traveling through Quincy to Boston. National tenants in the immediate area include Hannaford, Rite Aid, Citibank, Bank of America, Citizens Bank, Walgreens,

TD Bank - Quincy, MA

Marshalls, Ocean State Job Lots, Stop & Shop, Sleepy’s, Ninety Nine Restaurant and Pub, 7-Eleven and McDonald’s. The property is located down the street from the MBTA North Quincy Commuter Rail Station stop on the Red Line. This TD Bank branch will benefit from its location with a population base of over 164,230 people and average household income of over $81,400 within a three-mile radius.

Horvath also brokered the transaction of a Taco Bell and KFC in Worcester, Mass. The sale closed at a price of $1,745,454. Horvath represented both the seller, Lincoln Street Properties, LLC, as well as procured the buyer, Bernard Berkman.

Taco Bell and KFC is located at 463 Lincoln St. Taco Bell and KFC signed a new 20-year triple net (NNN) lease in April 2015 with four 5-year options. Rental escalations of 10% are scheduled every five-years throughout the base term and option periods. Taco Bell and KFC is operated by the franchise G.F. Enterprise LLC.

Taco Bell and KFC - Worcester, MA

Taco Bell and KFC is situated in a desirable location with direct street frontage along heavily traveled Lincoln Street. Lincoln Street is one of the main retail corridors traveling through Worcester with national tenants including: Walgreens, CVS, Wendy’s, Savers, Bob’s Discount Furniture, Dollar Tree, Aldi, McDonald’s, AutoZone, and Dunkin’ Donuts. Located down the street from Walgreens is Lincoln Plaza, a shopping center anchored by Lowe’s, Target and Stop & Shop. Additional tenants in the plaza include Dick’s Sporting Goods, Texas Roadhouse, Five Guys, Ruby Tuesday, and GameStop.

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 $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.