News: Front Section
Posted: September 30, 2016
Horvath & Tremblay broker $6.2 million sale of Rite Aid and Marlborough Savings Bank
Rite Aid and Marlborough Savings Bank - Hudson, MAHudson, MA Bob Horvath and Todd Tremblay of Horvath & Tremblay have brokered the sale of a newly constructed Rite Aid and Marlborough Savings Bank. Horvath & Tremblay exclusively represented the seller to close the property at a sale price of $6,232,142, a cap rate of 5.6%.
Situated on a 1.96 acre parcel, Rite Aid and Marlborough Bank are well positioned at a highly visible location with direct street frontage along Main St. in downtown. The newly constructed properties were developed on the last remaining parcel of any size available for development in downtown. Rite Aid and Marlborough Savings Bank signed new 20-year and 12-year, ground leases respectively with each lease structured with (6) five year options and scheduled rental escalations. Rite Aid committed to this location relocating out of another building about one mile away. Located 2 miles west of the property is Shops at Highland Commons; totaling nearly one million s/f. Shops at Highland Commons is one of the largest open-air shopping centers in central Mass., drawing shoppers directly from the Cambridge-Newton-Framingham metropolitan area. Tenants include Massachusetts’ first Cabela’s, Market Basket, TJ Maxx, Lowe’s, Bed Bath & Beyond, Michael’s, and BJ’s Wholesale Club. Located only 28 miles from Boston, the town offers the beauty of a semi-rural New England town as well as the convenience of a metropolitan suburb.
Bob Horvath, Horvath & Tremblay
Todd Tremblay, Horvath & Tremblay
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.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid: