News: Front Section
Posted: July 29, 2016
Horvath & Tremblay complete three sales totaling $8.484 million
Bob Horvath, Horvath & Tremblay
Todd Tremblay, Horvath & Tremblay
Fall River, MA Horvath & Tremblay continue to deliver impressive results with the sale of a trio of separate transactions along the East Coast totaling $8,484,509. The company recently completed the sale of a newly developed O’Reilly Auto Parts and Dollar Tree retail center in Fall River. Traveling down the coast they also fulfilled 2 separate 1031 exchange requirements with the sale of Starbucks in Mount Pleasant, SC and McDonald’s in Jacksonville, NC.
O’Reilly Auto Parts and Dollar Tree - Fall River, MA
Situated on a 1.63-acre parcel along Rhode Island Ave., O’Reilly Auto Parts and Dollar Tree occupy a newly constructed built-to-suite 19,788 s/f freestanding building. O’Reilly Auto Parts signed a new 20-year lease with 4 five-year options and Dollar Tree signed a new 10-year lease with 2 five-year options. Both leases also include scheduled rental escalations. This is a proven Dollar Tree location as they have relocated to this site from an existing retail center located down the street. Adding value to the property is the ability to add a bank ATM pad through future development. Bob Horvath and Todd Tremblay represented the seller in the sale and closed the property over list price for $5.21 million, a cap rate of 6.15%.
With a successful track record of fulfilling 1031-exchanges, the company recently represented two individual exchange buyers in completing their exchange requirements. Horvath & Tremblay’s Brian Ahrens and Peter Butler procured the buyer to complete the sale of Starbucks in Mount Pleasant, closing the property at a sale price of $1,474,509, a 5.1% cap rate. Ahrens also worked exclusively with another 1031-exchange buyer to fulfill his exchange requirement transitioning into a free-standing McDonald’s in Jacksonville, for a sale price of $1.8 million, a cap rate of 4.17%.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Recently recognized by Globe Street and Real Estate Forum as one of the “Top 20 Retail Sales Brokers” in the Industry, 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.
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