News: Front Section
Posted: March 8, 2024
Horvath, Tremblay and Hare of Horvath & Tremblay brokers
$10.324 million sale of CVS store in Spencer, MA
Spencer, MA Bob Horvath, Todd Tremblay and Hobart Hare of Horvath & Tremblay have completed the sale of a CVS. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $10.324 million and a cap rate of 5.42%.
The CVS is located at 95-101 Main St. The new construction CVS has a 25-year absolute NNN lease that commenced at the end of 2023 with six, five-year renewal options. The CVS lease calls for rare and attractive 10% increases throughout the primary lease term and at the start of each of their renewal options. CVS has successfully operated out of an in-line location in the local market for years. Their former location is positioned across the street from their new construction single-tenant building which features an attractive architectural design, multiple points of access, and a drive through, which the former location did not have.
The property is situated on a visible corner parcel at the signalized intersection of Main St. (MA Rte. 9) and Pleasant St. (MA Rte. 31), the town’s primary commercial and commuter corridors. CVS has a location in the center of town and is positioned across the street from a Price Chopper and 1.2-miles from a Big-Y anchored shopping center, the town’s two grocery stores. The property is also within a few miles of the town’s elementary, middle, and high schools. The town is positioned 8-miles north of I-90 and 12-miles west of downtown Worcester.
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)
Quick Hits
Columns and Thought Leadership
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:
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.
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.