News: Retail

Horvath & Tremblay completes the sale of four retail properties in New England for a total of $12.154 million

Avon, MA Horvath & Tremblay has completed the sale of four retail properties in New England for a total of $12.154 million.

Bob Horvath, Todd Tremblay, and Brad Canova of Horvath & Tremblay completed the sale of Christmas Tree Shops in Avon. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3.875 million. Christmas Tree Shops is a retail condominium located at 15 Stockwell Dr. Christmas Tree Shops occupies a 35,528 s/f building, that is the anchor tenant to a larger retail center on an 8.78-acre parcel. In addition to Christmas Tree Shops, the center is home to a New Balance Factory Store, a single tenant Dunkin Donuts, and Party City. Christmas Tree Shops has been at this location since 1997, and recently executed both their first and second lease renewals. Christmas Tree Shops has six years remaining on their triple net lease with four, five-year renewal options. The lease features a rare 20% increase in the first renewal option, 10% increases in the second and third renewal options, and fair market rent in the fourth renewal option. The free-standing property is located on Stockwell Dr., one of southeastern Massachusetts’ primary home store trade areas. Surrounding home store tenants include, Home Depot, Ikea, Jordan’s Furniture, Floor & Décor, Costco, The Tile Shop, Blinds to Go, and Stone Showcase of New England.

Aaron Huntley and Matt Nadler completed the sale of Santander Bank in Wethersfield, Conn. Horvath & Tremblay exclusively represented the buyer to complete the transaction at a sale price of $2.5 million. The Santander Bank building is located at 1221 Silas Deane Hwy. The property consists of a 10,374 s/f single tenant building on a 1.39-acre parcel. The property is well positioned in the area’s primary commercial corridor, with excellent visibility and frontage. The property benefits from convenient access, three drive-thru lanes and ample parking. Santander Bank recently exercised a five year renewal option to extend their double net lease through November of 2024, and they have one, five-year renewal option remaining. The location offers convenient access to I-91, which connects with downtown Hartford approximately eight miles to the north. The area demographics feature more than 170,650 people living within a five-mile radius with an average household income in excess of $87,200.

Nadler completed the sale of Starbucks in Plymouth, Mass. Horvath & Tremblay exclusively represented the buyer in this transaction at a sale price of $2.029 million. Starbucks is located at 100 Colony Place. This is a newer construction stand-alone building, which contains 1,800 s/f of leasable space, a drive-thru, and outdoor patio space on a 0.89-acre lot. Starbucks currently has six+ years remaining on their initial 10-year term with four, five-year renewal options remaining. The lease features a 10% rental increase in the fifth year and at the start of each option period. Starbucks enjoys outstanding visibility, frontage, and access inside of Colony Place, a 1 million s/f mixed-use development. Colony Place is strategically positioned in the town’s primary retail corridor. The property is surrounded by national retailers, large apartment complexes, and numerous car dealerships. Additionally, Starbucks is just seconds from the intersection of Rte. 3 and Rte. 44, the region’s primary north-south and east-west highways.

Horvath & Tremblay’s Steve Girolamo, Tremblay, and Horvath have facilitated the sale of the Smith Street Mixed-Use property in Marblehead, Mass. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $3.75 million. The Smith Street Mixed-Use property is located at 29-37 Smith St. The two-story building contains six retail units at street level and four apartment units. The 18,482 s/f building is located between Rtes. 129 and 114, on a 0.57-acre lot with off-street parking. The location is just minutes from historic downtown, and Rtes. 129 and 114 provide easy accessibility to the property for both town residents and visitors.

Tags: Retail
MORE FROM Retail
Retail

McEvoy of Conrad Group facilitates $9.5m sale of Sterling Plaza

Randolph, MA Sterling Trust has sold its Sterling Plaza neighborhood retail site located at 45 Mazzeo Dr. to The Shops at Randolph, LLC. The property is home to several restaurants, including the West End Grill, The Well, Outback Steakhouse and It’s Game Time Sportsbar.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Reimagining retail for the downtown - by Carol Todreas

Reimagining retail for the downtown - by Carol Todreas

Before COVID-19, downtown retail had been sliding downwards. A few restaurants and stores were hanging on, but the trajectory was headed south. Now with post- COVID-19 lifestyle changes, old-style retail anywhere has lost its market appeal.
Keeping the “there” there - by Carol Todreas

Keeping the “there” there - by Carol Todreas

New zoning is a big topic for many communities. Whether it is to comply with the 2021 MBTA legislation calling for more multi-family housing in locales with access to T stations or to address other pressures from public-private entities, zoning for multi-family housing is believed to be a major part of the solution to the housing crisis.
Placemaking and retail in 2024 - by Carol Todreas

Placemaking and retail in 2024 - by Carol Todreas

Placemaking. That is the word for 2024. While the concept has historical precedence in urban development, it became part of our current culture in the 1960’s when urbanists started to think about cities for people, not just cars.

Village centers and local retail: What the market wants - by Carol Todreas

Village centers and local retail: What the market wants - by Carol Todreas

Good news! Brick and mortar is alive and well. Many malls are coming back. Americans are flocking to Europe to walk, shop, eat, and enjoy much needed vacations. Visitors return and talk about the pleasures of walking and shopping in local shops in cities and towns all over Europe.